Rust never sleeps, but careful how much metal you cut out. It's easier to replace smaller amounts of metal if you can.
Rust converters and weld through primers are your friend.
Never underestimate how much time and money you'll actually need.
Also, when I hear the word "restoration", I think of a way too much involved, frame off, bolt to bolt, and all the weird markings and "stock" things that came from the factory assembly line. Which, doesn't sound fun to me.
"Fixing up" a rig to make it fun as hell to drive, and look good doing it... is where it's at. Well, for me anyways.
Gary