Yeah I'd say you hit the nail on the head. It does look like you got some work ahead. Ask any and all questions we'll help all we can, good people and lots of info. Welcome JTS 71 Mach1
Welcome to the club if I can be of assistance feel free to ask. You've taken on a challenge with that project car and I wish you luck. Personally I'd enjoy a project like this. Mustangs are an obsession with me and I'm passionate about restoring them to original. I know many people are into customized or Restomods but in my opinion it's sacrilege to do that to a a 1st generation Mustang.