Yes, that is definitely a problem... the torque box is where the rear lower control arms attach to the chassis. With a weakened joint at the chassis, your control arm cannot effectively function. You should have that torque box at least re-welded, if not re-inforced with a product like Wild Ride's Battle Boxes... before it becomes a more extensive problem.
John
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1991 GT Vert- Black/Black/Black
Exhaust, Tremec, Tri-Ax, Centerforce Dual Friction, 3.73's, Rear Seat Delete
MM Road & Track Kit
PBR 5-Lug Brakes
Cobra R's w/ 255 Rubber
Rice Hater's Club #60
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