Do you have some rust? Yes. Is it beyond repair? I'm going with Hell no it's not beyond repair. It needs to be fixed but I have seen WAY WORSE get fixed than what I see in these pictures. The best thing you could do right now is clean that up with a wire brush and get some rust inhibitor on it Keep the car as dry as possible (garage, car port or even a very good cover) and I think this car can live a long life if you get after it now.
Chris
So I'll sand it down, hit it with DOT 15 spray and some epoxy, DIY paint job (shopping for a badass air compressor) and might get some LX accoutrements
That's after replacing radiator and fuel pump.
After that... go fast parts? Might do a tune up, new plugs, wires, PVC valve, I already know timing is right at 10 degrees...
Is replacing 2:75 with 3:55 something that's hard for a newbie? Thinking of folding that in with differential fluid change