Mk2 Cortina?

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I might be completely mad, but I'm in the middle of dragging this 1968 Mk2 Cortina out of its resting place for the past 25 years. 1300, was running when it was parked up. Interior looks in good condition. Bodywork frilly in many places, chassis maybe not too bad. A brave restoration??
IMG_4706 by S Brown

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The bonnet is certainly the most rotten panel on it. I'll hopefully finish dragging it out tomorrow, and get it trailered home. I've been told the first owner painted the underside every year in pipeline paint that was supposed to be used on the local hydro scheme pipes: that will either have helped save it, or there'll be half an inch of paint covering the rot!!

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An update. It does look too far gone. Certainly too far gone for a sensible restoration!
The background: it's a 2 owner 85,000 mile 1300 Deluxe. The garage that it was residing in needed taken down, so the owner needed the Cortina gone. Most of it is now here, some of the exhaust departed on the 12 mile journey home!!

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Brief update. Put her up on stands this evening to have a look at the underneath. And it's much better than the topside! She'll need new rear jacking points both sides, new sills both sides, extensive repairs to the rear arches, some welding to an odd hole near the bottom of the rear screen/top of the boot, a small patch to the 50p hole in the boot floor, a repair to the panel above one headlight. And a complete respray.

But on the plus side the bulkhead has minor surface rust only, the floors are pristine, the rest of the boot floor is grand, the windscreen surround and A pillars are pretty good.

And to top it all off I found the V5 inside an old Haynes owner manual (it was presumed lost). It shows the name of the original owner, so officially a one-previous owner car!

A quick phone snap of a bit of the underside showing the coatings of black hydro pipeline paint the first owner coated it in:
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Some pics of the worst of it:

The edge of the bootlid hinge area...
cbootedge

O/S rear jacking point has long gone...
cosrearjack

N/S rear sill/arch rot
cnsrearsill

Rear edge of front wing:
coswingedge

Rot on edge of slam panel
cnsheadlight

bottom of wheel well
cwheelwell

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And some slightly more encouraging pics:
Strut tops:
osstruttop

nsstruttop

Boot floor:
cbootfloor

Interior:
cinterior

oh look, the N/S rear jacking point is still there!
cnsrearjack

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I'm mulling over the options. I know it'll never be economically sensible to restore, but how many cars are? Maybe my 205 gti but that's purely luck with what prices have done in recent years compared to when I bought it.

My thoughts as to the possibilities:
1. Restore to entirely original standard. It does have originality on its side - the reg is an Argyllshire one, which is only a few miles from my house, and the car has spent it's life locally.
2. Restore to near original - keep the 1300 lump to one side so it can be made as-original if I wish, and slot in a 1600 for driveability.
3. Build a historic road rally car for events like Lejog. Might not be too daft if it's being taken back to a bare shell?? Probably the most expensive option.
4. Put something like a zetec under the bonnet, modern suspension and brakes and lose the originality but have a quick-ish car for the road.

Late last night I did manage to get the engine turning a 1/4 turn so it's not completely seized. Plusgas going in tomorrow once I carefully remove the plugs. Clutch is not seized!