Ok, I'm not just a lurker, I have been working on fenders for the 54. I know, I know, finish the 48 first. You sound just like my wife, but like I told her, "I'm tired of sanding".
So, I had 4 rear fenders, none were very good, but I thought if I cut some of the more workable parts off of 2 and used them on the other 2 I might get 2 that I can use.
Here are two of the tails I cut off to work with. Looking at them now it's hard to believe they were better than the tails on the fender I worked with. The middle section was rusted out. I think someone stored it upside down, outside for a long time as it was bad.
IMG_0655 by
Robert Moorman, on Flickr
IMG_0656 by
Robert Moorman, on Flickr
Here they are welded to the better fender of the same side.
IMG_0797 by
Robert Moorman, on Flickr
IMG_0798 by
Robert Moorman, on Flickr
In the first picture you can see all the dark spots. Those are dents. I'll need to remove the paint and start work on them next, but I'm pretty happy with the fender as it is pretty solid now and I think I can make it better from here. I know they will need some more welding, grinding and metal bumping, but it is a reprieve from sanding for now.