I guess I should clarify on my rough statement.... from a cosmetic point of view it looks rough, but from a bigger picture point of view (structural and rust) the body is actually in decent shape. The only rust that will need to be fixed is the lower rear quarters and the truck pan. It also has some rust issues in the windshield channel area but it is very minor.
You are correct on your repro sheet metal statement. I would have hated to try to find some used sheet metal back in the day to fix the lower quarters and trunk pan. Also on my car the front and rear valence where bent up, not enough that it they could not be saved but enough that financially it was cheaper to replace them then have the body shop straighten them. Thank goodness for repro sheet metal.