Truck Has Rust on Undercarriage?

I have an 06 Toyota Tacoma that I recently bought a couple months back. Ater putting it on the lift and looking at the undercarriage I found a lot of rust everywhere on the whole undercarriage. Whoever had it before sprayed the whole undercarriage with a black rubber/Rhino lining material, because rust is everywhere! My question is, what can I do if anything to clean up some of it so I can at least keep the truck another year or so or how badly am I screwed? Thank you.

By Torry C.