AAAANNNNNNNYYYYYYWWWWWAAAAAYYYYY //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif
You have to get ALL the rust off, not just most.. You could try to sand it off it it's 'light', but will probably have to grind it off or, as said, cut out that spot.. Rust is metal undergoing a chemical change based on exposure to Oxygen.. putting paint over rusty stuff won't remove gaps/holes/air pockets that are feeding the process under the surface.. That's why you have to get to "bare metal".. priming isn't a "must", but does a better job of sealing the metal than just painting, and provides a better bond between the metal and paint.. It's highly recomended..
Bondo (or bonding it) won't do you any good.. you can bondo over the 'dent' you get after ripping out the rust, but if you get that far (and don't really have the experience to do body work) you might as well bring it into a shop if you want it to look good.. If you aren't that worried about the appearance and just want to stop the rust, just grind it all out (and fill any holes with bondo) making SURE to get far enough beyond what you thought was the main rust spot to get ALL the rust, and prime/paint.. that will preserve the metal until you get around to doing a better body job on it..
Hope that helps..
oh, and that paint that 'stops' rust.. never actually seen it used or work.. But I'd guess they have some chemicals in there that evacuate all the oxygen then seal really well.. perhaps even a chem reaction with the oxidized metal that creates an intert gas to help displace the air?.. anyway, that's about the only way it could really manage to work.. but you are still better off getting rid of the bad metal and doing a proper prime/paint.. if you ask me //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif