Another problem area you will want to look at is the trunk floor. Replacing the trunk floors is more expensive than replacing floor pans, but not as expensive as replacing the cowl.
Also, look under the wheel lips on both rear quarter panels. There should be a factory hole in the inside of the inner lip. It looks like Ford designed it to mount chrome lip molding like on the 67-68, but nothing was ever produced like that for 65/66. If this hole is filled up with bondo it is usually a dead giveaway to a cheap rust fix.
Overall, I would say that the condition of the body is more important than the running gear if you plan to fix it up. When I bought my '66 11 years ago, I made a compromise between body and running gear. I ended up replacing every bit of the suspension, engine, transmission and rear end, but still have a car than needs a lot of new body parts.
I would agree with thunderbolt that the 67-68 is a safer and better car. Plus, they don't have the door rot problem like 65-66's do.
Say, that car wouldn't happen to have good doors on it? I need two for my 66 please!
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2000 GT --
Black, 5sp, Mach460, Bassani CatBack & X-Pipe, MAC Cold Air, 70mm Tbody, Hurst Shifter
1966 Mustang Coupe --
Tahoe Turquoise, Pony Int, A-Code, C4 Auto
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scott@pearland.com