Could i oiled my car and use plastidip on where i have rust to slow it eating away at the body?
No, the rust will simply become worse as it will be wedged between oil or plastidip and metal lol.
Best thing to do is grind off the surface rust and Ospho/paint where it hasn't penetrated too much. Otherwise, you'll need to weld in new metal/paint.
Plastidip is not a solution. Best thing to do is what Cruising4DrCav mentioned.
So... is plasti-dip like the new stickerbomb?
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Still not low enough for a signature.