I managed to squeeze some time in to work on the bug this weekend. I pulled the frame out from under the car and swept up the messy floor. I then put down my first coat of MasterSeries silver using a brush. It went on pretty easily with minimal surface prep. I knocked off most of the loose rust with a wire brush. It turned out pretty nice.
Here's a link to the Master Series paint site.
Inexpensive and good stuff.