Mine didn't have the rust like yours but plenty of nicks and scratches. Since I was keeping it for myself I did the rattlecan first and figure when and if that goes bad I would have it powder coated. Surprisingly with a clearcoat the finish is holding up well and doesn't seem as susceptible to chipping as I had thought. I love the ride and handling with a load.

I don't know that I would do either for a flip. Probably try and clean up the rust and try to match or prime some how.