First off, congrats on the new truck. That's my favorite color on the 90. I'm typically not a blue car person but I just think it goes well with the boxy shape.
My guess is you'll find some more demons when you start taking it apart. If the rust is that bad where you can see it, there has to be more to be discovered. However, if you are replacing the frame, it will be much easier to handle things when apart. Luckily there is a great knowledge base on this site along with others that have done the same thing with documentation.
Crazy story and pic. I don't think you could plan a stunt as "good" as that came out.