[Geof3]

Honestly, if you were simply talking about replacing those wear items as would be expected, that would be one discussion. When rust enters the picture that changes the game entirely. If there are visible holes that is a problem. Usually "surface rust" particularly if the paint is bubbled, isn't surface rust at all, it is rusted through from the back. The costs associated with repairing rust are quite high, and might be worth some down and dirty repairs for a track car, assuming all suspension points/frame is/are sound. Best bet is to dig in and see just how significant the rust is. If you can see it, then the places you can't can be much worse. Usually rust repair, unless very minor, is a cascading problem as you dig deeper.

Of course fenders, hoods, etc can easily be replaced. What you want to find out is if the chassis is effected by rust and to what degree. If solid, might then be worth doing the other repairs. If you are looking at it from a value/repair cost perspective... give up now. You will be upside down fast. You just need to decide how deep. Frankly, most of the stuff you mentioned is maint, and the reality of an 18yr old car and 180k on the clock. They require updating usually. So, kind of a given. Hope it turns out well!