I think it really depends on what purpose the vehicle will serve. Personally, I wouldn't buy one with that much rust as a daily driver, nor would I spend that much on that particular vehicle with the high miles and rust. I've bought older 4x4 suvs with rust and high mileage and they have all cost me too much money in a short period of time.
I'm not sure how much money you have to work with and how quickly you need the vehicle but I'd wait for something a bit nicer and newer with lower mileage. Just my two cents.