If that is the worst rust you have, then you are in great shape. How do these areas look? Floors (both sides). left and right corners of the hatch deck area that gets exposed when you open the hatch. Battery area Area below the master cylinder. Open up the cowl cover and see what it looks like in the cowl area. For me, if what you show above is the worst rust you have, I would do everything I could to save your original paint as long as you can. Refresh the brakes. Refresh the suspension (rubber, tie rods, ball joints, strut inserts). Replace the tires. Replace hoses, belts. Tune up the engine. Flush and replace clutch hydraulic fluid. Flush replace coolant. Assess fuel tank and fuel. After that, drive it and enjoy. If it proves too difficult to get running smoothly, replace your carbs with ztherapy round top carbs. BTW, very cool that you were able to obtain early photos of your car. Wish I had that for mine.