MASSIVE Save a Mustang Project

So the brake pedal went to the floor on HIS P51 one day and the car would only stop if you pumped the brake pedal. No biggie, probably just the Master Cylinder. Okay, get a new Master cylinder and while your at it check the Brake Pads. 

OOPS what's this? Looks like the old Tin Worm's been busy knawing on my frame rails. Man that's really weird, the car is in great shape everywhere else. Nice paint and no other signs of problems. Now what? Scrap it? Just can't , we gotta fix it.