All the rust you see is just that, what you can see. The issue is, what are you going to see when the skirt is lifted and the entire chassis is blasted or dipped. With all the cars we've restored here, I can tell you with all certainty, it's going to be much worse seeing the type of corrosion truly on the car. A 40k-50k estimate is probably low to do a car body to the level you expect to receive. You'll have 5-8k in material alone and that's not counting the sheet metal you'll need to replace. True restoration work is a dying art, all of us in this business are looking for talented hands to put on these cars without success. I've had really good collision guys in here that are the best in replacing a fender with a knew one, bring that guy here? They don't last a few days to figure out they have no clue. 99.9% of all cars being restored today is either sentimental or for the love of the "hobby", you'll never restore a car to make money unless it's a 1%'er that you either owned for years and owes you nothing or bought it at a crazy low price.