The photos you posted don't show that much, at least not to me. But if your inspector says there's "a large amount of rust and rot" and you trust him (or her) to be capable, then I would resist this particular temptation as more will inevitably emerge and is very costly to have put right.
By the way, since these are unibody cars, it is not possible to do a 'body off' restoration - that can only be done with cars that have a frame that is separate from the body (usually much older cars, less old American cars, and trucks)