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39portlander has made an excellent observation. That frame, floor supports, and floor are probably too far gone to save. The more rust you remove you will see the structural integrity is gone. What do the bottom of the A abd B pillars look like?
Best bet is to find a better frame. Does the suspension look the same as what we see in the photos?
If so, save $$$, time and effort as you will be digging a very deep financial hole trying to save it. Sometimes, you just can't save everything.
There are folks selling good 39-40 rolling chassis when they convert to street rod. Keep an eye on ebay and hamb. Look here:
https://www.jalopyjournal.com/forum/...&o=relevance&c[node]=47