That's gonna be a nice car some day.
I still have a clear recollection of nearly being humiliated by a car just like that one...
I had a 68 Mercury LeMoyne (land yacht) with a 390 4-bbl, that would lay about a 1/2 block of rubber ... tons of torque ... or so I thought.
(I was a real Ford fan in those days ... but I'm much better now!
My little brother's friend pulls up with a grin on his face, and wants to race me with his 6-banger 68 Camaro. Yeah, right... OK.
Imagine my shock when he starts pulling away!
He really had me until I got that old boat rolling, but I finally did get by him at around the 55 or 60 MPH mark (Whew!
I learned a whole lot about power to weight ratios in a very short time!
PS ... Get some rust-killer and put it on those bubbled areas ASAP. Permatex and Plastikote both make some for sure, and there are several others (i.e. "Rust - Mort")
These chemicals react with the rust and turn into a black sandable / primable / paintable compound. Primer alone is not enough to prevent rust ... top it with some spray enamel, even if it doesn't match the color exactly.