There are quite a few different ways you could go with repairs. POR-15 rust preventative paint is a common fix, or you could strip the panel completely to bare metal and have it powder coated. For the repairs to the frame itself you probably don't want to completely remove it and strip it down for powder coat, so spot repairs are usually the way to go.
My fuel tank closing plate wasn't quite as rusty as yours, so I used POR. The process involves quite a bit of prep, but basically it goes like this:
Remove all flaking epoxy with sanding discs / wire wheel. Feather the edges to avoid hard lines between the existing epoxy and the repair.
Remove rust from bare metal using sanding discs and wire wheel.
Apply POR Metal Ready Etching solution
Apply POR Rust Preventative Paint
Apply POR Primer (This will allow a top coat to stick to the POR rust preventative paint. It will also build up the paint thickness to match the OEM coating)
Apply Top Coat (Rustoleum Smoke Gray is a good color match)
This thread may also be helpful, and there are more pics of repairs on the frame itself.
http://dmctalk.org/showthread.php?51...lor-Comparison
There are other products besides POR that are more user friendly and require less prep, and are easier to top coat. Rich_NYS is in the middle of similar frame repairs and you can see his thread here:
http://dmctalk.org/showthread.php?17...rage-find-quot
He's using a product called Mastercoat instead of POR-15