Have to agree with Matt, you have so much touching up to do might as well respray. The DS fender has been obviously replaced, and from the look of the PS fender I would just look for a replacement at PnP as well. If you could find a rust free hatch from a later car at PnP I would do that as well, this perspective is from someone who does rust/damage repair by replacing the offending panel. I haven't been to the local PnP in Lethbridge for awhile, but we had a 245 with a nice hatch. It's blue so would need repainting, but it's rust free and straight if memory serves me... You could get a fender as well, again if it's still there.
Good luck with the resto.

ETA: Not trying to be a downer but for not much more money the car below looks like a much better starting point and will be cheaper in the long run than doing rust repair/repainting. It's also a very rare/desirable color combo for a 240 with the 601 red over black.
http://alberta.kijiji.ca/c-cars-vehicle ... Z528670818wBSSrkq0fh!~~48_20.JPG)