I think it's finally time for an update.
It took me a couple of weeks after posting this thread to make a decision and I really wanted to think it through., and 3 months to get to a point where I was ready to share my experience.
Don't be a pussy Californian with "oh no its too rusty". That 100 you got looks pretty decent, and is a good rig. I don't see a single issue with rust that you couldn't daily drive this thing for the next 20 years in California.
Your first mistake though was buying a 100 when you have 0 wrenching skills. Get learning or this thing will bankrupt you. Front control arms, ball joints, bushings, all shocks and struts is a weekend or two worth of work, along with pads, rotors, stablilzer links etc.
You're getting dicked around by shops and you'll continue to get dicked until you wrench on it yourself. The first mechanic's inspection is right and the local guy just doesn't want to deal with you, or knows you lack knowledge and is taking advantage of you.
And funny enough this might have been the comment that made me calm the eff down and helped me make my decision to keep the truck.
After that, I took my truck down to a friend's mechanic and he stripped my list down to the essentials - Brakes, rotors, calipers, ebrake, rear sway bar link, and freon and charged me $1700 total. I decided not to mess around with the brakes this early in my experience and wanted to start with the shocks. Apparently, the control arms and sway bars were "just rusty" and don't need replacement yet. So I'm thinking of doing a full overhaul in a year or two when I do the lift kit.
But, I did have several challenges as
@lawrence1 mentioned. I have never changed the oil, the garage was not big enough to fit the truck, had no tools, and yes had 0 wrenching skills.
So I decided to start there as it was essentially a list for me to solve.
I was fortunate enough to have a very nice neighbor in the same Multi-unit who was nice enough to let me borrow his driveway for a few weeks at a time when I offered to pay him.
And the first thing I did was change the oil+filter. Which was cheap enough to make me feel better.
Then I spent about $500 to get all the tools I needed.
Spent a weekend removing the rust with an angle grinder, a weekend applying corroseal, and another weekend spraying the frame with rustoleum.
In the process, I did open up a big hole in the rear cross member which seems to be a very common rust point for hundys. I'm thinking I'll get it welded when I move to IL. Let me know what you guys think?
Took me a day to figure out how to remove the front shocks which were easy enough, but the rear shocks were an absolute pain in the butt as the factory shocks were replaced with Monroe shocks and I couldn't use the retainers. It took me and the parts supplier 2-3 weeks to figure out which retainers($$$$) I'd need. But I was finally able to get all this sorted out last week.
This is how things look now.
In the process, I did find some other issues with the body that I need to figure out how to handle. The rust on the body is a little more than I thought.
Front Left Fender:
Rear Left wheel well:
Rear right wheel well: by the running board
Rear right wheel well: The plastic above the mudguard was missing which seemed to have caused this.
The running board bracings seem to be disintegrating as well. Which doesn't bother me as I'll replace them with some sliders eventually. But the frame in the picture seems concerning.
The Valve cover gasket is the next big thing for me to replace. Debating if I'm ready to take it on or if I should pay someone to replace it.
So anyway I'm extremely happy for not selling it as I knew that I wouldn't have gone through this all over again. It was definitely scary the first couple of weeks till I posted here.
And it has been truly rewarding. Not to mention how hot my wife found me while I was wrenching

!!!
Thanks for all the support
@ClassyJalopy,
@tshandonay, @ramagain,
@213374U,
@LXKevin,
@Bisho,
@tshandonay,
@JunkCrzr89,
@kgrove,
@Pucker5,
@kevin2i,
@lawrence1,
@fjcruising,
@Exiled,
@MJK
And a special thanks to
@hickuptruck.
I owe you all a beer!
And with this, the truck has been named Black Bear(Brown Belly) or just BB!!