For future reference, it's worth noting that it's probably not possible to completely cover extensive rust. In addition to the frame, there will likely be rust on e.g. the hose clamps on the transmission cooler lines, bolt heads in the engine compartment, brake calipers, and other components. It's also _very_ difficult to spray all rusted areas (I know this from experience!!), especially inside frame members, inside mounting brackets, and other convoluted pieces. You'll need a mirror and good flashlight to inspect these areas.
In addition, others have noted that undercoating is often (always?) a really bad idea for old 4runners with existing rust. Even a well-kept vehicle from the areas described will surely have some rust. Moisture will invariably get underneath the undercoating, and the rust will then be exacerbated by the undercoating and you won't see it until it's a problem.
Bottom line: if you're looking for a 4Runner you plan to keep for a long time, it would appear this was a good one to pass up.