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I'd start on the important stuff first: have you pulled the driver's side carpet up yet? No point prettying it up if the foundation needs shoring up.
I wouldn't commit to trying to spray/blend all the areas, especially the hood. It's not going to blend easily or well with the original paint, so you might want to resign yourself to dabbing those spots after flaking the paint off and sanding 'em down. Also: why is the hood rusting? Stone chips, or from the inside?
The rockers are a different story: it's a relatively small contiguous area, so once you repair the metal and smooth it out with filler if needed, you can spray the whole thing and it'll look decent, masking it off along the existing body line at the rear panel.
Regardless of what type of repairs you do, you gotta get a liberal amount of oil or some other anti-rust treatment regularly on the inside of the affected panels or it'll all be back this time next year.
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