Piston Slap: Beaten by a Winter Beater?

Mo writes:

Sir,

I’m hoping to get advice from you and/or the B&B regarding my new-to-me 2004 Subaru Impreza Outback Sport (soon to be superleggera due to rust). Included is a link to pictures I took of the underside of my car and brakes with descriptions. [Thanks for those! – SM]

Questions:

– First and most important: Is it even worth fixing/preventing the rust from getting worse or should I just take it out back and put it down?

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