I couldn't get under the car today, but the pictures show most of the story.
The good: The hood, firewall, upper cowl, rear seat area, rockers, front subframe, inner fenders, and core support all seem OK. May be some rust hiding near the battery though. Engine runs pretty well, but will need to be rebuilt to be reliable. Transmission is pretty flawless once you figure out how to work around the slop in the shifter. Rear end is a dual traction bar unit. Odd considering it's a not posi.
The bad: Floors are rusty and someone used a spoon (can opener at best) to carve a new shifter hole. Lots of filler in the rear quarters and lower fenders. The doors have a splotch of filler on the front, lower corners. I couldn't get the camera in there. Rear frame rails are a little suspect. They sound solid enough when you tap on them, but there's a lot of scaly rust in that general area. A touch of surface rust on dash next to the windscreen.
The ugly: Lots of rust in the rear wheel-wells. The trunk appears to be rusting from the bottom up. Kind of odd, but the car did spend the first couple of decades of it's life in the Northern states. I consider these spots the worst rust on the vehicle AND the hardest to repair. I'm beginning to think I could manage the rest of the work, just not the work in the back half of the car.