Andyrue- Welcome to Autopia!
Hey, those are great pix, show the issue very well.
You`re right, the bubbling means the corrosion has spread underneath the paint, and..sigh..that means you`ll have to make things worse to make them better (in the sense of "the little bit that shows" isn`t all that needs done, gotta go a bit beyond the bubbling, which will be at least a 1/4" probably more like 3/8").
I`ve done that countless times when I wasn`t willing to just live with it, and in this case...[thinking on it, uhm...]...yeah, I`d fix it. I`d do it with a rotary tool/Dremel, which understandably gives many people pause. Here`s what I`d have you do if I were standing there:
-Clean the area with a proper Prep Product, *NOT* IPA or window cleaner/etc. but something that bodyshops use
-Tape off the surrounding area to provide a little protection in case of an "oops!", but try to avoid same too. I *DO* believe that anybody without special issues can do it OK, just gotta be careful. Very, very careful
-Use a small *diamond burr* on the rotary tool to grind out the corrosion. Besides eye protection, I`d use magnification so I could really see what`s going on (but then my vision isn`t optimal) My diamond burrs are about 240 grit, which works OK for this kind of thing
-MAYBE tidy up the area of operation a little with some small pieces of sandpaper or some other abrasive medium. But I can`t remember the last time I bothered doing that and things turn out OK (well..for me) without doing that
-Since there`s a chance you won`t get all the rust, I`d use a good Paint Over Rust product for the primer. NOT POR15, there are better choices these days; my fave being KBS Coatings` Rust Seal. Get the DrColorChips on that stuff before it cures too long so it`ll adhere OK
-Be very gentle with the area in the future; the DrColorChips stuff is fragile and easy to polish off
-Protect the touchup with Optimum Car Wax or some other LSP (Last Step Product, i.e. "wax") that`s fresh-paint-friendly (not many of `em are, use the right stuff or the touchup will "dry soft" and never attain max potential hardness, might even wipe right off)
I realize not many have all the above stuff on-hand, but that`s how I do it and I *know* that it works well. Yes indeed, there are other good approaches too, and whatever you do I hope it turns out OK.