I think its the worst water trap on these cars. What I plan to do is slice it just above the lower horizontal attachment, bend it up so it can be inspected and sandblasted. Replace metal if necessary. Then weld shut again but leaving some sizeable drain holes. POR 15 with a swab. Polyurethane caulk beween drain holes so any moisture gets funnelled down the holes. Maybe a screwed on plastic shield to direct water off the rear tires away from the holes.
The lower rear area of the front fenders is another water trap.
