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My 68 was rusted the same way took a little time but I repaired it and looks good now. Floorpans are a great place to start learning sheetmetal work next thing you know you are building parts that you paint! It is fun to get friends and family involved good to see you have chosen to do that. As far as removing the engine the transmission will leak when you remove the drive shaft and I like to remove the engine and trans together on most cars. I am not sure how easy that is on that model maybe someone with more experience will chime in. The most important thing is to take your time and make sure everyone is clear of pinch points and not under the engine in case of failure of your hoist or chain.
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