Mark,
I think this is a fairly easy fix, just lots of prep, cutting rot out, treating remaining factory steel, and determining the right combination of metal products to repair the frame. A suggestion is use close to the same gauge steel as the original frame so you dont eliminate ability to get some frame flex under load.
A thought about stabilizing the rest of the inside of the frame from further corrosion: When done with repairs, pour zinc chromate paint into the frame, covering other rust so oxygen can't reach the metal. Another option is spraying ZBar or equivalent into the frame for same effect.
Anyhoo, I'm interested in following this thread and providing free advice. Hope my advice is worth what you paid for it.

Cheers, Ron