Actually I had planned on the "fix a little as I drive it" approach, but it wasn't even driveable in my opinion. It acted like someone put a big lopey cam in it with a tight torque convertor. I tried dancing on the pedals trying to keep it running and moving. It was zero fun like that.
And the paint could be pulled off with a piece of tape. In my opinion, that and all the rust meant a complete teardown.