My '67 is my 2nd restoration and the 2nd car I had blasted with plastic bead. That is the method my paint and body man used for my Trans Am and it came out with perfect (non-wavy) body panels so I am sold on this process.

The plastic bead removes just the paint. It does not even remove the plastic filler under the paint or distort the panels.

The only difference I did this time was to strip the exterior trim off and then have the car beaded before I disassembled the car and put it back together. I found from the Trans Am that, while nothing was damaged, I was finding plastic bead dust behind things from years afterwards. Stripping the car and then taking it apart took care of that issue.

But the answers above are correct - plastic beading will not take care of rust issues. I would either recommend the plastic beading or a chemical dip process for that followed by panel replacement. I have noted that the professional restoration houses use the chemical dip method as most of the cars they start with have significant rust problems. My T/A was an Arizona car and my '67 a California car so I have managed to avoid the problem.