[COLB]

If it were mine, I would strip it down, deal with ALL the rust, repaint it ivory, and reassemble.

Don't do a concours restoration.

Would be an awesome DIY project, and you would end up with a solid car that would be good to go for decades.

If it was an original paint car, I would be more sympathetic to the "as is" option. But the rust is encroaching -- and if not dealt with, I think you will see the deterioration accelerate over the next few year.

If you don't want to deal with the cost and headache of dealing with the rust, your wife may have the right of it. The "drive the hell out it" crowd doesn't have to deal with the aftermath of the chassis/suspension coming apart at speed.