While I was under the car, I noticed an unnerving amount of rust. The entire undercarriage was completely covered with it. In fact, it was so bad, that I purchased a six-pack of POR - "Paint Over Rust" to keep it under control. I'm guessing that most of it is surface rust, so applying a chemical bonding agent to it will suffice (in lieu of cutting the pieces out and fabricating new she metal for it). I'm guessing that I will find spots that will need to be patched, but I won't be getting around to that any time soon. I've started a "to buy, to do" list and it's not as long as I thought it would be. Assuming I can continue to dedicate a few hours a week to it (and a few $$ a week as well), I don't see why this car can't be driven on a regular basis by Fall.
The truck is still exactly where we parked it last week. I'll probably get some motivation to work on it once I get these air tools and a stockpile of POR.