I decided the only way I'm going to find out the true status of my new project's rust situation is to strip the paint down to the metal. I plan on using mostly chemicals to get the majority of the dirty cream colored paint off, then it's time to start sanding, grinding, and smoothing.  

After removing the paint from the fender I found out that the previous owner decided to spray this nasty cream color over a pretty nice silver, for some reason. Does the elderly love off-white or something? Why would you choose a putrid color for such a cool car? Anyway, I plan on going with a red/black paint scheme. All the chrome will be satin black, and instead of "curdled cream" for body color, a blood red color will coat it. However, I'm still debating whether to go with a shiny or satin red color. I do love that dull finish, but I also like to make my hot rods shine...decisions, decisions...