Step by step advice? Sure.
I've been slowly going through this, and I've tried to cover it in my journal. Feel free to take a look at http://www.mgexperience.net/journal/Steve+Lyle/2377.
First thing is to assess the damage, decide what you want/need to do, and schedule it given time/$ constraints. I agree with the above advice you've already gotten - it doesn't sound like you've got an imminent issue. You've got something you'll need to address at some point if you want to keep the car 'forever', but when that 'point' is, is up to you.
Do your research - get an understanding of the parts that make up the MGB sill, and then assess what you can externally. If your inner side member (ISM) is bad, you'll be able to tell from inside the car. Any rust holes in the forward area of the ISM, in the footwells, under the carpet or rubber covers? The bottom of the sill is the castle rail, check it out thoroughly from underneath the car. If those two aprts are solid, you've got lots of time.
The remaining two parts that make up the rocker assembly are the inner membrane and the outer sill. Rust generally starts eating away at the portions of the outer sill that are covered - the rear dogleg area and the fwd area under the frt fender. Once it eats through the outer sill (and usually the fender/dogleg at the same time, which is what you're seeing) it'll start working on the inner membrane. Once through the inner membrane, water/dirt/salt/whatever will get into the box section formed by the innser side member/castle rail/membrane and feed the rust bug, and that's what you don't want to happen.
There's a good chance based on your description that the rust is limited to the fender/dogleg/outer sill. That would be good news, since then you'd 'only' need to replace the outer sill/dogleg/lower frt fender. If you fix it at this stage, you'll save yourself some time and $'s.
If you're going to do this yourself, you'll need metal working tools (a couple of 4.5" angle grinders are critically important, plus a drill, BFH, panel separate (an old butcher knife works well), and drills/grinding & cutoff wheels. And a MIG welder. Also, if you do it yourself you'll join a long list of people that started their bodywork experience (and maybe ended it) with an MGB sill repair (i.e., if you've got some basic mechanical aptitude, you can learn 'on the job' on your car and do a passable job - it's been done before, lots of times).
There are lot's of "how to do its" for this job available on the web - Google "MGB Sill Replacement", or "MGB Rocker Replacement", and start bookmarking sites.