I'm not sure where you live, but that doesn't look too bad at all. Hell, I've owned a lot worse! But I would say this - If you intend to drive it through the winter and you live in the salted areas of the country, I would treat that ASAP before you have a Flintstone mobile come spring.
If thats the only problem, then you have one hell of a good buy :thumbsup:
New flowboards and sheet metal can allways be ordered, but in the meantime, it's still useable........you will want to treat it.........POR-15 is suposta be real good, but hearing some receant negative things lately
You can't go wrong with sandblasting it, then epoxycoating it, but then again who knows what the sandblasting will do to the weaken metal.
looks fine. the metal in some spots might have softened up. but clean it up, epoxy it and sound deaden it. i wouldnt blast it. just make sure you get all the surface rust off. go buy Naval Jelly to clean it up and see what comes off.