You're right of course about the fun... It's all fun and games until you're under the car with sweat in your eyes cursing a rusted bolt. Moreover, I think you're right about the bondo. That's what I originally wanted to do but I no longer think that's a good idea, for the reason you mentioned. I have, however, completely stripped the interior, and it's clear that the only rusted part is the sheetmetal. The frame is still in great shape. And no harm taken! I definitely appreciate a difference of opinion! It helps in making a better decision.
I would be (foolishly) willing to jump into this project inexperienced...but It turns out I won't have to! I have a friend that has a lot of experience (and tools!) with this sort of thing who is willing to help out. Probably the only way I could get this done!