New s14 Project. Worth fixing?

Hello all. I'm new to the forum but have been lurking for quite some time. I like this forum a lot because it's a lot less douchey than other s-chassis forums, and I'm from the midwest xD

Anyways. I'm sure many of you have seen this crappy ass s14 on craigslist for like 3 years. I picked this baby up for $700

The interior is totally perfect. AC works amazingly, sunroof works, and everything is in perfect condition cosmetically. no rips in the seat etc.
It also run's perfect and pulls hard! It's an auto though (have trans to swap)

But the problem here is there is lots of rust! I'm really worried that this amount of rust is unrepairable. what do you think?