I have not seen an update to this thread and was wondering what the latest was. If your pans are solid that is definitely a huge plus for you. You could definitely get away with clean all the rust off around the drain hole with a wire brush and shoot a some rust inhibitor on it to keep it from rusting more. To plug the hole as is, get a small sheet of rubber from the hardware store, cut out 2 pieces that are roughly the shape plus a 1/4 inch around the edge. take the 2 pieces and glue them together but not getting glue around the 1/4 inch edges. Once it dries stuff the plug in to the hole. The edge that is not glued will act as a lip to hold it in place. In my opinion you have bigger fish to fry than the small rust on your floor pans but if you are wanting to attack it, the above is what I would do for now.

an update, my Z was flooded, under 3 foot of water in the Longmont floods. I had the car at a garage to have the front end fixed as I wanted to make sure that it was straight. The good news is that the car still runs once they had changed the oil and fuel. Everything else I am comfortable doing myself. It was unfortunate, but might be a blessing, the garage are stripping it out for me which gives me a good place to start from.

Fresh water floods aren't so bad; salt water floods not so good. If everything dries out good you may get out ok...

Charles

they got it started with a new starter motor, and the wires to the ignition are now bad. Honestly I am pleased to have the garage look at it and give me a start. I know what I am doing with cars, but this was always going to be quite the project and it is reassuring to have a second opinion. This garage has been very honest and gave it a good look over and thinks I will be break even even with their charges. It was never about making money, the Z car to me is very similar to a Ford Capri (a european model car) which I grew up with in England. It is a classic that I just want to drive for fun, however I don't want a money pit either!

There are some members up near you, Lone Tree Steve pops to mind, I live about 100 miles from you, but can maybe help a little. I've received tons of good advice and trouble shooting tips from the club, just ask and someone probably has the answer. Good luck with the project.