Is my rusty 68 Barracuda salvageable?

That would be an ambitious project. I bought a 70 duster 6 years ago now and I'm not very far along. It is pretty solid, but was somebody else's project for too many years and I decided to strip it completely down and start over. It is a long project if you don't have the time to dedicate to it. I have young kids, as well, so my family takes priority over the car. I hope to get after it more this year, but time will tell. I, too, would advise that you focus on your studies and get that part of your future solidified - remember, the car is a project, not a priority. I ended up a lot deeper in mine than I expected, as I ended up pulling the tail light panel and eventually the trunk pan for replacement. The driver's side quarter panel was replaced at some point and there is some light rust in the area where it wraps around into the trunk panel and B pillar, so I will have to pull at least part of that loose now to clean up the lip area. I think a lot of people grossly underestimate how much work it takes to completely strip a car down and rebuild it. If we had 8-10 hours a day to work on them, it might seem that they went together quicker, but most times, we ended up with WAY more into a car than what the end result is worth. But, the sense of pride and accomplishment when they are done is why we do it! Good luck with your decision!