That is the result of Ford's lousy splash guard design. If you look at the splash guard, it has a nice slot right up against the quarter panel. I think Ford designed it that way in order to cause the truck to rot out so you would have to buy a new truck,(the 5 year obsolescence plan). That causes mud and water to be thrown right into two places that are perfectly designed to hold it there, (1. between the quarter panel and the rear door post and 2. up on top of the rear cross member and just under the tail light.) In my last round of body work, I redesigned the splash guard to seal against both sides of the wheel well which keeps the crap out of those areas. It's one of those things Ford could have fixed but never chose to.
As far as that area goes, I don't know of anyone who offers preshaped replacement metal. It definitely needs to be completely cut out and replaced. As suggested, the easiest fix would be to find a truck with that are in tact and not rusted, cut more donor metal than you think you need, cut out the bad area, and fit the donor piece in. However, keep in mind, when you remove the obvious rust, you will most likely find other damage under it. It's not a real easy place to work in, but definitely doable.
Good luck,

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The attached photos show my solution for the splash guard problem. The first shows the stock guard with a tab that leaves a large slot for crap to get by and lodge in all the wrong places plus my redesigned guards. The second and third show my redesigned guards installed, (sorry the pictures are not too clear, but they seal off those areas. The 4th is an example of the area that gets cancer with the stock guards.