Yes pictures or it doesn't count
Sounds like the bowls were drained, good one on gramps. You're looking at a tank cleaning and possibly a new petcock but in the end worth it.
There are lots of threads on derusting a tank. Just remember if you want to save your paint job be super careful not to spill any acid based liquids on it. Wrap the tank in plastic wrap or something like that.
If I remember right the petcock on your tank isn't overly expensive, Like mine on the 75-76 tanks its almost $100 for a new one. Google Part number: HONDA 16950-300-020
If you don't have clean fuel running through the engine it will cause all sorts of problems. Clogged and leaky carbs, runability problems, etc. And don't forget to do a 3000 mile tune up first.