jdonville is correct - assume zero strength in the corroded region. Nearly all of the corrosion that I've seen (apart from typical surface rust that's less than 1/32" thick) has a delaminating effect associated with it. Even if the Iron Oxide had some strength (think about what happens when you pinch it), there's little to no bond between it and the base steel.
Other metals, like weathering steel, aluminum, etc. develop very thin patinas that prevent further corrosion. If you need to take the strength of that thing layer into account, your design is waaaay too tight.
Best bet is to use a small hammer and wire brush to knock off loose corrosion, clean down to sound metal, and use an ultrasonic tester or (if accessible) a pair of calipers.