What is the ultimate goal? was your dream an all steel no rust no bondo concours winning restoration? If so, get another car.

I you want a fun project, and the expereince that goes with it, you can fix the rust (mechanical cleaning - wire brush, sanb blasting) and then use POR-15 to stop further rusting, and then put in metal and cover the sins with bondo, paint it up and it'll look just fine - only YOU will know!

you could pay for any part of that process, and the sky is the limit on cost. DIY, including painting materials, under $400.

without repair, teh car has little resale value.

Me? I think i'd go ahead and fix it, or else chock up the cost to 'education' and junk it.

Do you see a 3rd choice?

BTW, ALL cars are worse than they look by the time you get 'em apart.