Don't listen to the naysayers mate, just go for it and see how it works for you.
Naysayer of the year even said it was with a Merc and not a landie he had the probs so there's mud in the eye
Rust can be dealt with. As long as the wheels keep on churning and moving while the chassis stays strong you'll be fine.
I aint gona spray my merc with hydraulic oil stupidy. although this winter when its off the road I'm gona experiment with mixes that I can brush on the bad bits, probably grease and hydraulic oils the first port of call, I greased all the brake pipes and that seemed to have preserved them, 9 years old and still perfect.
If you research you will find that old engine oil causes corrosion, and so does diesel, thats why I used hydraulic or trans oil. It soaks into the rust and all the cracks, something that waxoyl dont do. hammerite is good on new metal but total **** on rusty stuff. But if you are spraying oils a good mask is required because the vapours can cause a type of pnemonia.
The rust gels are fairly useless aswel, tried a few of them over the years, and the acid etch paints, looks good for a bit then a big scab falls off because it rotted underneath
Best to do more research, although plenty on here if you look or google it, but once you cover it with waxoyl its too late, and remember you cant wire brush the inside of your chassis, I drilled holes in mine and fooked the oil into it.