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I would probably put the car up on stands and probe the underside. Get it super clean to see what you've got. Don't paint it. Leave it. But by inspecting the underside you'll get an idea. I'd take care of all the surface rust ASAP and treat it correctly. The 356 undercoating is really crude. I've heard you can clean it up really well and spray it down with WD40 or something similar and it may soften up a little.
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