It's going to need lots of love.
What is wrong with the frame I have? all I see wrong with it is it's missing a pitman arm and linkage,and some surface rust.That's certainly a major understatement . . . . . .
Do a lot of research before you spend the first $$$, . . . With what you have there, (or more accurately, Don't have there) I'm not sure that you wouldn't be ahead of the game to start with a frame/suspension kit from one of the forum sponsors and use the body and maybe the rear end. (although I didn't see rear brakes)