Is my rusty 68 Barracuda salvageable?

If you don't have too much invested you can learn sooo much by doing the metal work yourself. It might not turn out perfect but you will definitely learn a lot. I assume AMD etc sell replacement panels, watch youtube and car TV shows for how to dissect the rusted panels and repair or replace them. If the rest of the car is complete, chrome, trim, glass, mechanical etc. and the body work is excessive look for another car that has a sound body but need all the other parts. You will never regret trying.

Last thought...While you are going to school, TRUST ME ON THIS, focus on school. I focused on Skiing and working on my cars and never finished college. I've done OK but would have done better had I finished college. cars in the summer and school the rest of the time.

Good luck and have fun.