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@853Superfly
Wire brush on a drill, about an hour of drill action, attack anything thats bubbled up.
Did the worst bits on my raleigh, the fork looked really bad, worse than your chainstay, took the whole fork back to bare metal and it came up really well, just grey primed it after that.
Bubbling paint on the chainstays was just the tip of trouble, the rust had spread under the paint but not visable until i started scraping.
I wasn't happy with a rusty frame that looked worse than it was (didn't know that until i wire brushed it)
I reckon the paint job is dead, a repaint would add years of life depending on whats hiding underneath. Attack it now, clearcoat or prime the rust free bits and decide wether to get a new frame or take it back to bare metal and respray it with rattle cans at home.