Short version, rust is boarderline, but you caught it, check neary the frame near the muffler also check the lower control mount around the gas tank. Also check your brake and fluid lines. If those dont't have any holes chances are you are okay. get a machine and wire wheel attachment, then degrease the entire underside of your car. Links to come when I am home.
POR15, is huge time commitment and is still going to give you 100% coverage. I like fluid film or waxy coatings as its the most practical.
the most important point is to find the key areas in which frame usually fails, and spray the s*** out of it asap. another key thing a lot of people here don't say is your brake lines and fluid lines. you want to at least spray fluid film on those to stop the rust from getting worse.
short unedited version, longer post when I am home.