This is on my 88 mustang lx.
I had posted this a while back, before the change. It looks to be mostly just surface rust, but there are a few cracks which I have been told are pretty common for these cars. Most of the mustang guys have the cracks welded up. There aren't any holes that I can see.
I'm hoping that I can get in there with a grinder or a wire brush and clean most of it up, then use some kind of sealer or primer. I'm building this car to autocross and do track days in, so I'll be adding a set of subframe connectors with cross braces.
Does this look like it can be repaired like that, or do you think the floor boards will have to be cut out and replaced. I'm building this on a challenge car budget, so if new metal has to be welded in, then it is going to eat up more of my budget than I had hoped for.
Here are the pictures.
Driver side
Passenger side

