What should I do

[jimmijim8]

Sell the car and go for a better one that doesn't need fixin. Someone may come along that will fix the car proper. If you just want to stop the rust.Glob it down with oil. You migt try the Red Green method of rust repair. These days many colors to choose from are available. cheers jimmijim

[Noxnabaker]

Heat it up so it gets as warm as possible when you can still touch it & then ad boiled linseed oil, that's what I do to my own stuff when I want to save the rust for later, it's a real good old trick.
First you mix the oil with 50% balsam terpentine -the stuff you get from pine trees, might be called something different in the states- so it really sinks in & then one layer 30% terp & 70% oil & if you need more layers you use only oil but with sikatief to make it harder & hard faster too.
It's all old oli-paint stuff.

[luckydog]

I asked for opinions and i got them, but, I have to defend myself with what I have done and not by what I have failed to do.

I have not done anything to any vehicle to prevent or hinder a proper restoration in the future, unless you count the Camaros that were cut up for race cars.
Since 2005 a 50 Chrysler New Yorker Newport,sat in a yard since 1980 and driven 8,900 miles since 2008; 48 Chrysler New Yorker 2 door sedan last inspected in 1965, driven 7,000 miles since 2010; 36 Chrysler Airflow last inspected 1980 driven 1700 miles since 2013, 48 Ford last driven 2003 now running and driven about 2000 miles since getting a new engine

And the Bugatti was the toughest of all but the Grandsons love it.
I would appreciate, if one has the time to search "Baby Bugatti Replica" on the AACA forum it is under French Vehicles, from there my profile can be accessed and there are photos of my work.
Yes the rust will get worse but being inside for the winter and being heavily waxed my opinion is the rust will worsen at about the same rate the glaciers receded.
I have a class 4 Pennsylvania vehicle inspection license and I would not pass the Studebaker the way it is not for structural deficiency but the sharp edges that I will somehow make safer.
Once the Studebaker is on the road I will try to put together any parts I can find that will improve the car and let them for the next guy.
If I start replacing fenders that need to be painted I will end up painting the whole car then I will want rechromed bumpers and a new grille, then it will need new upholstery and rechromed everything and there will be 20,000 dollars in a 8,000 dollar car.
Anyhow I ordered new inner wheel bearings from NAPA they are $9.00 a piece.
Thank you,
Jay