Lookin good, congratulations on your Pantera purchase. Your car sounds just like mine an unfinished paint project when I bought #1306.
That rust on the lower left quarter if its by the door is pretty normal as the 71 didn't have a full height splash shield against the gas tank. The tire would fling dirt and mud over the shield to be traped on the rocker panel next to the fuel tank. If you have the motor out in the future pull the tank and clean/repair this area if needed.
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