Yeah you certainly can keep it and drive it without issue. I drove my 100 for a couple of years until I moved and found an alternative 200 in TX.
There just wasn't any viable 100 left to buy anywhere so i spent the money on buying something a decade newer.
It will most likely run and still not give you any mechanical trouble, however for an enthusiast or someone buying in long term, it would be bad move.
If you saved a lot on the purchase and plan on using it every winter and beat it to the ground I wouldn't say thats necessarily a bad idea, plenty of normal buyers do that.
I just wouldn't put a dime into it other than to just keep it running. Its just sunk cost from here on out.
Not that any ride is good investment, but one of the best parts of the platform is the longevity and rust is the no 1 killer of that.
Otherwise you could be driving that thing for another 20 years.
Feel free to listen to those who tell you tackle it and then get back to me after the first day on that job. You will quickly realize any amount of labor is really not enough.
Watch this and you will understand what it really takes :
An actual restoration job. Its a very rusty example but you will get the gist of it.
One of the main issues is that brine creeps everywhere, and the more you rip it apart the more disappointed you will be.
If this was my forum it would be named IH8RUST.