Is this too much rust? 2006 LX470

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Depends on what price is the answer.
 
Hard to say from those pics. Check the body mounts, the upper shock mounts, and the area behind the rear splash guards for rot.

I looked at a 2005 LX recently that looked decent, but the rear quarters were gone underneath the plastic cladding.
The area behind the splash guards holds dirt, mud, leaves, salt and sand. It stays moist and eats the metal.
If the suspension mounts and body mounts are rotted it's too expensive to fix.

Some cosmetic rust is no big deal. When it starts to compromise the structure and body panels it time to move on with the search.
 

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