Sand, paint, oil. Depending upon how long you want it to last, I'd be tempted to just oil it. Getting down to bare metal and prepping for "great" paint would be no small task. From what I can tell, this is not driven much, so oil might make it last for years.
I've read about POR15 and I'm not sure I'm enamored with the stuff.
What is that in the second photo? Brake line?
Lasting indefinitely is my hope. Doesn't get a lot of miles, and runs perfect, so my intent is to keep it as long as I can (forever) as a small utility vehicle. It costs me $125/year plus gas and maintenance to own, so I don't think I can do better than that.