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I'd strip it to the shell and repair or replace from the ground up
I think Mazda are now reproducing new potentially better quality panels for the MK1 to help with this. I get this is a fantasy project but having witnessed how full strip and rebuild costs go crazy/rarely get finished i'd consider looking at finding the best base you can find for a rolling project then ICE conversion to manage the costs. Boring but it blows my mind what people spend restoring cars with such relatively low ceiling values.
This is why my Saab 900 will likely never get a full restoration as i'd have no idea where to start or stop.
Yeah definitely. That age Japanese cars and especially imports just didn't cope with British climate and salt roads.
But that's why I'd like it as a long term project, I'd strip it to the shell and repair or replace from the ground up. My dream would be to fully restore one to factory level. 92 because it's the year I was born and I'd keep it until ICE becomes unfeasible and strip it down again in 10/15 years and electric convert it when parts are cheaper.
Anyway just a pipe dream