The actual changeover in itself is fairly painless. As you noted thought, rust. That will be your biggest obstacle. Fortunatey, the way the frame rail is laid out, it provides plenty of spaces to shoot some PB Blaster up into the frame and onto the nutserts/bolt plates or whatever the origional fastner is. Every day, for a week, spray the heck out of those areas.
Then, get an impact wrench. The reason I say this is because the impact wrench will break the bolt loose with less likelyhood of snapping the bolt head when you first try to unloosen them. Once they are loose, go back to a socket wrench. Tighten, then loosen, tighten, then loosen. You'll be less likey to break the bolts off, especially if there is a nutsert in the frame (on mine, there is one on each side). The others aren't as much a problem if they break off because you can just push them to the side and let them rattle in the frame rail. Not necessairly desirable, but workable.
After you get the old off, it will be just the matter of following the new hitch manufacturers instructions.