Very exciting, to say the least. One of only 419 Jewel blue with white coves made. It looks like a prime candidate for a frame off restoration. The frame is probably scaley like the chrome but I'd be suprised if it was more than surface rust. The paint leaving the concave recesses of the body is common on cars that just set, especially if they are subjected to extreme changes in temterature like in a non-heated barn.
If it was mine and I wanted to keep it, had the time and place to do a restoration and the $$ I'd carefully take it apart, documenting everything along the way, and do an NCRS restoration on it. Otherwise I'd sell it only to someone that would properly restore it. It's too complete and original to allow it to be hot rodded.
Tom