I'm in with the "Get it running and safe" crowd.
Don't obsess over the look of the car AT ALL. I wouldn't even worry about the rust. It is so far gone that you would be in for way more than the car is worth.
Find some Old School tires, put them on the rims you have, do all the fluids and brakes, get the engine running good, and rock that bitch!! Have some fun with it. Sorta like Farmtruck, but not as fast?
P.S. I would maybe rattle can the frame black so I wouldn't dry heave every time I looked at the car. Just sayin'.