RJ & CJ, you haven't been on the forum very long, so you may not have a feel for who the old timers are who have provided the most "negative" comments about the car (to include myself). Bob, Tech, lt1s10. and others are guys who have building cars for many years, and as Bob has mentioned the lessons we've learned have in most cases come the hard way.
From having read the comments of the old timers over the years, I've come to realize that in most cases these guys are like me and are actually prolific builders and in most cases have either run their own business in the automotive field or worked in the industry.
In many cases our comments are not what a newbie may want to hear, but by and large are the most realistic as to what the person can expect to run into on their project. The advice while not always cheerful is ALWAYS given in the spirit of helping the individual rather than dissuading someone from building their dream.
You presently committed to building THIS car so I would suggest you proceed in the following order (these are things that the primary investment will be your labor). Right now, you have a relatively small investment in the car and I would suggest you do this prior to spending the BIG bucks on components.
Go ahead and finish stripping the car.
Rather than sending the car out immediately for blasting go ahead and start sanding down the body to determine how extensive the rust problems are. As I said earlier it's going to be worse than it presently looks. I think you are going to find that a lot of the rust is coming from the inside out, so you will also have to look at interior structure repair and sealing. Pay particular attention to the structural components as they are critical on a unibody. After you get the car to that point and actually know how much rust you have you can move on to the next step.
Replacing rusted sections of body panels sounds a lot easier than it is, but go ahead and give it a try. I'm sure that some of the body guys here will be more than happy to walk you through it or refer you to sites that can help you out. Start on something simple like the rusted out lower front fender section, and actually go all the way through doing the repair to include welding in new metal, filling/smoothing priming and actually putting on some shinny paint (spraycan gloss black will suffice) to give you an idea as to whether you have the ability and desire to actually see the body work portion through to completion.