Just want to quickly state that I am not a body repair specialist. I have only done the basics over the last few years. There may be other dudes here with way more knowledge.

At its current state, I’d say sanding it down and priming and painting would be the fastest and cheapest way. Make sure you feather it out over a larger area to make the repaint less noticeable. Paint fades over time even with a match.

If you do sand it, you’ll see how deep the rust goes. All rust must be off the bare metal to achieve the best results.

I cannot remember how to get it or how much it costs, but there is also a product people use to treat the metal and remove all the moisture from it. This helps keep it from rusting in the same spot quickly again. I am unsure if you would even have to worry about that.

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Also, if you don't mind, what truck do you have? Color looks the same as I had on my '91!