ZDriver.com - Rust Opinions

Hi all, I recently acquired a '91 300ZX. I was hoping I could get some opinions on whether or not this car is too far gone. I'm afraid it is. I was working on it today, and noticed some rust near the door sills on the driver's side. I ended up pulling up the carpet and found that parts of the seam that unites the floor with the door sill "rail" had rusted through. There's also a large part of the rail that is rusted through.

This first picture is right about where the gas/hatch release is. The top layer and second layers are rusted right through.

https://cimg6.ibsrv.net/gimg/www.zdr...2a08274a0e.jpg

This second picture is up further towards the firewall. The seam is actually rusted through and I can see straight through to my garage floor.
https://cimg9.ibsrv.net/gimg/www.zdr...3e7bd9ed85.jpg

I think what happened was the regular side skirt rust, but someone very poorly fixed that with Bondo and didn't actually remove the rust. It spread through with moisture being trapped. I paid $1600 for this car. It runs and drives, but is it worth saving? Or maybe should I part it out and cut my losses?