I agree with
@
MikeinNH67
- the spot near the spare tire needs attention in pretty short order but the rest of it looks ok - don't see any penetration but check it with a welding hammer or big screwdriver. This spot can be welded so don't despair but don't let anybody put it on a lift without being aware of the issue. I had a 3rd gen that I welded up three times but then eventually had to sell it for salvage because there was nothing left to weld to. This is the place I used the first time near Columbus, OH and did it myself a couple more times after that....
Home - Farris Frame Restorations
I see you list Cincinnati as a home and expect you might better find an experienced shop there vs Florida. You might look into getting an estimate from Franks Frame and Axle / Hartwell Tire, 8215 Vine Street in Cincinnati - I don't know the place but did a quick google search ("auto frame restoration welding) and they do this type of work. The Safe-T-Caps are interesting - was not aware of them when I was doing my work on the 3rd gen. After you get it welded up, knock that loose stuff off and Woolwax the frame. That will extend the remaining life.