George, my floors were rusty with some daylight showing through however my rockers, bracing, upper toe area and tunnel were sound. I think most of my floor rust issues were the result of water leakage, the convertible curse. I elected to use patch panels because, I had never done it before. As Brian mentioned they do need fitting. After some trail and error I was able to maintain firm panel to brace contact.
Mine is a very slow moving project, it gets over run by so many other things. I have no set timeline, this is truly the hobby part for me and I have another 65 to drive.
Your project may come down to your comfort level doing the work (you need tools and a welder) and when you want to drive your car. So $3500 might not be to bad for labor and materials if it gets the car on the road quicker.