In a perfect world I'd gut the car, fix all the rusty places, epoxy primer and quality paint the whole thing.
In reality, it's been a long time and I want to drive.
I've had good results with Rustoleum Pro for painting truck frames, brackets and such on daily drivers. Any possible drawbacks with spot repairs, with the intention of sanding/blasting and painting the whole chassis in the distant future? Main concerns being new rust and incompatibility with real auto paint.