How much rust is too much?

I've fixed alot worse but as stated ya need the tools and the know how.
Tools cost money. I justify each tool purchase NOT by estimating it into the job at hand, but considering it an investment in my lifetime hobby.

The beautiful thing about know how, is that none of us were born with it. It certainly is easier to learn from an experienced teacher, but I bought videos, practiced like the dickens, and taught myself to weld fairly well. I would NOT pay someone else to fix this car. You would be over the cars value in labor in no time flat. But I WOULD encourage you to consider attacking it yourself. Sure a clean car is better. At this point in my life, I am spending the extra to start with a solid foundation. But tackling a car like this will teach you many valuable skills.