It sounds like it would be worth replacing the tank and pump. If it's rusted that badly, you the pump screen may have clogged entirely, which can starve the pump of fuel causing it to burn out.
I've had some luck finding used parts online before (car-part. Com was decent), and a quick search shows compatible used tanks available for under 100$. You may be able to find one in good condition locally.
I have no experience removing rust from a gas tank. There may be a way to safely clean and repair the tank, but with the low cost of a used tank I would suspect it's more time and cost efficient to simply replace it.
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Tuesday, September 15th, 2009 AT 6:14 PM