That could fall under "make it safe" or under "make it pretty".
If the suspension is unsafe such as a broken spring or bad shocks, then yes.
The basic "make it drive" refers to making it physically able to move under it's own power, so replacing bad bearings, changing oils, no bent axles or...
Focus on the mechanical first.
You can scuff, solvent wipe. and prime over welding as soon as it's cool enough to lay your hand on it. Yes, you could do a panel a weekend, easily.
On the rear gate, I would shop for one to bring that's from the southern or western states. Probably even find...
This is the one I had. I hooked it with my pocket knife climbing out and shredded it.
https://www.walmart.com/ip/BDK-Woodgrain-Lux-Car-Steering-Wheel-Cover-Black-2-Tone-14-5-15-5-Beige/53983874
This is the one I have now because they were out of the other the day I needed to get it...
I bought a cover from Walmart that looks wood grain for $15. Had it in for 4 years. I couldn't stand the sticky hands thing the PO left me with.
Cheap and it took me 20 minutes and a hot hair dryer to install.
Not a stupid question!
I stick with my assessment of all old vehicles that are being brought back around:
Make it run
Make it stop
Make it safe
Make it reliable
Make it pretty
So, on my list of things, rust falls under make it pretty UNLESS it creates a safety issue such as Fred Flintstone...
When it comes time to repair the rust, you may be able to buy a chunk of one to cut out and weld in on that whole left side.
In the short term, buy some galvanized sheet metal, cut it to shape and size. Then get a tube of Seam Sealer, seal it down, then drill and pop-rivet the metal to the...
Well, looks like your LC has had a collision in its past. Maybe took a tree in the LR door. You can see from that picture that the door sill has been rebuilt and where the floor has been hammered back into place.
I was very fortunate mine was not a rust bucket. Since I fixed all the leaks, it has gotten more rust. I need to Fluid Film the bottom of it 2X/year. I just haven't don it yet.