After much discussion i will be repairing and keeping it. My friends think i should ditch it in favor of a rust free one, but my dad and my bank account say i should fix and drive it.
I am going to order a 5" by 64" piece of steel, possibly galvanized, to rebuild the inner rocker. I am going to also order the rocker panel than will replace the outer rocker. I will fab the dogleg piece out of a piece of thin gauge galvanized and some bondo. I most likely lose that body line in the dogleg but thats not the biggest issue in the world. I plan to bondo the door and feather the line in to match it. It probably wont look great, but it should come out decent. I will then bedliner the whole rocker, dog leg and door below the body line above the door trim. I will paint the other side to match, but i will not be repairing that side at this time, it wont be bad for a year or 2, at which point i will repeat on that side.
The interesting part will be that i will not have access to a welder. I will be riveting and epoxying the whole thing together. Ive seen it done by others, so it should work OK.