*I didn't see a detailing thread--just paint/body--but if this thread needs to bedeleted and restarted elsewhere, I will gladly do so"

Like many 90's Accords, my car's clearcoat is mostly peeled away, but now the primer is showing through the paint, especially on the hood. Also, there is a spot of rust that was first noticed in early summer as a small speck and reached the size of an index card. I sprayed it with self etching primer, but the rust is from underneath the panel, so the rust is growing under that coat.

Since I'm bringing my car into the garage to work on other issues, I'd like to know if some rust inhibitor under that panel will help there, and is it OK to use wax on the other surfaces that have damaged paint or is there anything else I can do?

I WOULD like to repaint this car in the spring (using the car as a learning project) but don't want it to deteriorate further.

 

Honestly, if your hood is starting to rust through, I would get another one at the junkyard when it's time to paint if it's that bad. Otherwise, sand it down real good and coat it with rust converter on both sides.
As for your paint that's still good, I would wax the better portions and leave the rest. I don't know that there's much you can do for paint that's already peeled. Just make sure when you paint, you strip every little bit of wax reside off the paint with paint prep degreasers before you sand. Even if there's a trace (and it will stick around even after washing with dish soap) the paint won't come out quite right.