This car shares a similar folklore, "This car used to be an ex-race car"... with little known background beyond that. The rolling hulk from my assessment appears to be solid. The pan is solid and has some minor dents from ill informed people whom have attempted to jack in the wrong position, some very minor road rash, etc...but in general looks solid.
By no means am I a Porsche expert, but appears the previous owner was going for a RSR Front Bumper and 11" Rear Steel Flares, Whale Tale, RUFF Lightened Bumper with Rockers. With exception of the front bumper and flares, the rest must go.
At this point, I am contemplating a Getty Rear '73 RSR Rear Bumper and Ducktail Classic for the rear, with removal of rockers. The rockers will need to be welded up with some light bodywork.
Having been around paint in my career for 30 years, I know what it takes to seek the level I expect, so we be content with the car is. A respectable quality single stage refinish (Complete) featuring an assortment of defects. My ability to polish and correct paint will be detailed as the build progresses.