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There is some rust in the fuel, but I got it running rough but running.
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If you have noticed rust in the fuel, more than likely there is rust in the carb. That's where I would look first. Contaminants in the fuel bowl will normally settle in the back of the fuel bowls. When you put the truck in reverse, the rust is probably sloshing against small inlet ports in the carb. The inlets get blocked, cutting fuel off to the engine. I would recommend a carb rebuild/cleaning using compressed air on the metering plates and carb body. You didn't say what kind of carb you have.
After the carb is rebuilt, I would thoroughly clean that gas tank before I reinstalled it. If you don't, you will just have to rebuild all over again.
There are dozens of excellent threads on cleaning the fuel tank on here. Just use the "Search This Thread" feature for all the info you would need to do it right.
I have never heard of a torque converter stalling the engine in reverse... but then I'm not Mr. Goodwrench either.
Good luck!
NoNeck