To the OP, I am far from an expert... 18 month Expedition owner.
Lots of great threads on this site that I consulted when treating my very similar level of rust on a 2004 Arizona Expedition.
what did I do? Naval Jelly Rust Convertor on visible rust, washed off/dried, specific rust treatment primer spray and then over coating with standard Black Rustoleum.
I refreshed it again after the Midwest winter, with the same process but much less work.
I did add some limited undercoating on the frame rails behind the front tires. It appears that the tires throw enough grit and debris up to strip away the Rustoleum layers and cause surface rust. Maybe the light undercoating will be enough... Maybe not.
Moderate grinding would probably be smart, but I went the chemical path.