bubbling mk 2 sills

The sills on my mk 2 have recently started to bubble just in front of the rear wheels. A number of bubbles have formed which if popped contain water but the metal underneath is sound and virtually rust free. my local garage has suggested that the paint has become pourous allowing water to become trapped underneath it.and he’s seen it before on mk 2’s Is this possible and if so what is the best way of repairing it and preventing it spreading forward down the sill? I was thinking along the lines of stripping the paint, painting with a rust resistent primer and then a good coating of underseal or stonechip shield. Would this be a good approach?

Moved due to content