I would not cut the bottom end off- it will still crush flat,and then you will have more material- and no, I would not cut it open,
This is simple, take the can, which has one end missing, and crush it flat (on the side), you can use a rock, or a truck, or make a press. One nail it all it should take to fasten it down.
Rust? I would not worry about, if you are, I would dip them all in urine to flash rust any parts which are exposed? most of the can is treated in some way or another, and if you ever find them in the woods, it takes a can a very long time to rust out- I would not treat them in any way.
The plus of less steps here is less labor and less risk of cutting yourself.