Well i thought the same, people say the car is devalued if i touch the paint, i would say a full respray would be needed......
Not really wanting to replace many panels, i'm hoping that once cleaned up and rust protected the panels will be good?
Not sure what nasties are hiding behind the paint though....
Trust me.....A panels won't look too clever once you start having a poke around with a screw driver
And I think if you look under the headlights there may be a hole or two that'll need a welding torch pointing at them
This is all before you start to look at the usual rot areas.....front floors don't look to good either.
That said, its a cracking find and if it was at the right price....all the better....and to be honest if you're happy with what you paid then who cares the value.
If you are doing it as a restoration project....do it properly..... and if you've never done one properly before....store this car in a dry place and learn how to do it properly before you even touch this car. Its easy to get too carried away and ruin a very nice car. I think you will struggle to save the original paint. Good luck and fingers crossed for ya.