Semper Fi, Mac! Always good to hear from a fellow devil dog.
The rust is not going to cause anything to fail (even bolts) but if you just have to get rid of it you will first need to remove it, then cover it with a rust-proof topcoat. First, scrape the rust with a steel brush to get most of it off. Not necessary to get it all off. Then you will have to apply a topcoat. POR 15 is good stuff but very, very, very bad for your lungs and should only be used with an external air source. I use Zero Rust on my trucks which requires nothing more than a good mask to filter the harmful particles. Personally, I don't think it's worth the effort.