Sure hope your luck holds and that's the only rust spot that you find.  It's great that it's where you are replacing the metal anyway.  Looks like Russ did a smooth job of removing the welds for the rear frame rails.  Upwards and onward. 
 
Engine looking good.  Looking forward to when you can post a video clip of it at startup and idling.  The valve cover's look as good as the ones Holley is selling for nearly $200, so good for the budget. 
 
Great progress to date.  Waiting for the next chapter in the saga. 
 
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