If you want a v8 car, then buy a v8 car. The amount of work and cost to properly change a 6 into an 8 is really not worth effort, and at the end of the day you still have the Vin saying its a 6 cyl.
All suspension,
trans, rear end, brakes etc should be changed to convert a 6 to an 8. IMHO not worth the effort.
In terms of rust, the general area are
1 inside of cowl. -pour some water into the cowl vent, and see if it comes through to the footwells.
2 bottoms of doors, both outside skin and inside skin.
3 bottoms of rear qtr panels
4 inside trunk floor
5 around drip rails
6 If it had a vinal roof, under the vinal
7 around the battery tray
Thats about all can think of at the moment. Good luck