Yeah...this sums it up.
What's your vision for the car? Do you want to keep it for years and years? Do you want to transport people whom you care about in it? Do you want to push the performance levels? Are you attached to the car on a sentimental level? Any of the above would indicate a real fix, as in welding in replacement components that are rotting.
If your goal is to just keep it kicking for a while longer, clean it up, paint on some POR15 and check it periodically.
If you want less effort than that, I hope you'll consider passing along the classic machine to someone who would love it...and replace it with a beat up Corolla or something.