Hello everyone, I was hoping a few could lend their expertise to my aid.. I have an '88 5.0 that I've been trying to sell for some time, but to no avail. I can't really afford it, nor can I drive it right now anyway. HOWEVER.. I've been toying with the idea of keeping it as a project car over the winter. I've put way too much money into fixing the car up (just been ripped off by repair shops and such.. lesson learned!), but I may be able to just barely afford the car if I work enough at it.
My main issue with whether or not to keep the car is the issue of rust. I don't think the car's been rust-proofed, because it's not in great shape. I THINK it's been repainted, but I'm not too entirely sure. Paint is flaking at the base of the headlights, seeming to reveal a slightly different colour. I have paint bubbling on the passenger side rear quarter above the wheel well (it's been bubbling more over the past couple months), and a little bit of hatch rust, right where the hatch meets with the body. That looks only like surface rust. I also had a driver's side hole repaired... twice.. but I don't think it's been repaired with a metal sheet. I don't know what they use these days, but it certainly looked like something else.
Another major concern is the body that goes to the wheel well and folds under it and about an inch inward.. that IS part of the body, right? Because unless that's pure paint, I can flake off those pieces with my finger. They just snap right off. Taking a sample revealed a few layers, including a base layer that looked like complete rust, along with several layers of colour.
So my question is, for those of you who have dealt with this before, should I sell it and try to acquire another project car in the future, or will I be able to fix this one up and keep it as my baby?
I'd like to know if I should replace the driver's-side floorpan with sheet metal (I've done this before on a '70 Demon, so I'm not ENTIRELY lost), if I will be able to fix the paint bubbling issue, but most of all, if I can stop the body from rusting completely out at the wheel wells. That seems to be the major issue above all, since i've been told that bubbling paint and the rust underneath can simply sand off.
Thanks for any help!! It's greatly appreciated.
Tips on Rust? 
