Yeah. I try to ignore rust. I don't have the wherewithall to chase it around anymore. When mine rusts again, I plan on having my piggybank full enough to just go buy one that is already finished.
Yours definitely looks fixable with a lot of drive and passion. I hope you have the strength to continue or the wallet to go look in the sunbelt for another car. It is a typical example of the Z cars that are available here in the Northeast. What a shame.
You have a welder and if you are not in love with the car, patch it up roughly, build it up as a beater/driver with as little cash as you can, and use it as a fun car. Don't put all the fancy flashy parts on it. Re-use the parts you have making it safe with new bushings, joints, good stock brakes, and drive it until you can afford to move on to a better one. Just because a car is ugly or rough does not make it any less fun to beat on.
Good stock brakes,kyb shocks, tokico springs, decent tires, 1 seat, 1 harness you have a worry free track car.