if the rails aren't too bad, clean it all up and paint it with a rust stop primer. for the holes get a quart of fiberglass resin and some cloth and 3 or 4 cheap chip brushes, 1-2" size, available at all the big home centers. on the trunk panel, clean to bare metal on the inside with course sandpaper, you need some bite for the resin.
do the inside first. lay a piece of cloth in and trim it roughly to size to give you about a 2-3" overlap. no need to cut slits for the bends and corners. make 2 of each piece.
mix a batch (I use cat food cans, the ~ 5 oz size, half full is about 3 oz, count the drops of hardner per the resin container)
after the resin is ready, paint the edges of the metal liberally with resin. lay the cloth out on a piece of wax paper, and soak it well with resin, then lay it in place. work out the bubbles with the brush, soak the second piece an lay it on, repeating the workout of the bubbles.
coat the whole thing with resin. repeat for the other side of the trunk.
Should be dry in 30 minutes or less. now repeat the procedure on the outside of the tunk pan.
when dry, lightly sand to get any splinters off and paint. if you are really paranoid and think it won;t stick to the metal, you can drill a few holes around the outter edges where there is still metal and pun in some short sheetmetal screws or pop rivets, but you really shouldn;t need that.
[This message has been edited by tjm4fun (edited 11-05-2007).]