1968 Plymouth Barracuda

Here's a photo under the Barracuda. This was taken on the drivers side infront of the rear tire. Up top is the sub-frame connecter bracket and to the right is where the leaf spring mount is mounted. I left this alone until I can get the car up in the air to repair it. Just want to get a little advice from you A Body racers. Should I bend that back down flush and box it in or cover it with a SAFE T CAP?
Going to start on the rear brakes, suspension, wheels and tires in the rear the next few weeks. I plan on keeping a drum brake rear which should be just fine when I have the brakes proportioned. Read in another Thread here on FABO about moving the rear spring mount to the rear about 1" that I can fit a 27"-28" tire back there all centered. Debating on what to get since I want a stagered look and this is going to be a street/strip car. With the new springs and big *** tires its gunna sit a little high back there and the exhaust that was installed years ago is gunna rub on the drive shaft. Without breaking the bank I have access to welding eqipment and I am gunna cut and run 2 straight pipes parrallel to the driveshaft. Sounds easy.
Under the white to the left on the photo is the original undercoat that was installed at the factory. That just might have saved this cars life from floor rot. I'm sure when I go get this area blasted its gunna look like swiss cheese.