1953 Bedford K parts

Well it has some rust on the rims, but around the valve area (which makes sense, easy entry for water). Its rusted to the point of a couple of good holes, the two rims living on the rear were the worst. What is the best practice solution here? cut out the rust and weld in patches?

I think mammoth has nailed it.
"Although officially Bedford replaced the K, M, & O models with the A series around May 1953 Australia would have been importing and running down existing stocks for some time after that, so I suspect '54 is when it found it's first owner".