should i worry?

here is a picture of the rust spot...you can see it in the lower left corner of the shot...

Rustis a predictable concern, when you see it be concerned. I have worked on Panteras for nearly 25 years and have done 8 restorations each time I have seen rust on the surface after removing the paint and digging out the rust the spot grew to 3 time the original size, I have also seen surface rust and if not cared for quickly it will eat metal rapidly.
Anytime we see rust at the sill/rocker panel BE CONCERNED.

Brad,

First of, anything can be fixed. But it may cost mucho $$$. Did you just LOOK at this car? You need to tap, pick and fully inspect for rust. How fresh is the paint? Was it done to cover greater rust problems? Do you have a magnetic bondo meter tool? You can get one pretty cheap from Eastwood. True electronic ones are a bunch of money. Or just take a magnet, wrapped in vinyl tape to not scratch. Test it on a known no-bondo car to get an idea of how it should behave. Lower valance areas below doors are an inner-middle-outer sheet metal piece, very prone to collecting water. They rust from the inside OUT. You you see could just be the tip of the iceberg. You have gone to www.panteraplace.com and looked at thepages on rust, haven't you? How many cars have you viewed? Have you searched out an owner near you to assist you? I took about 1 1/2 years to find my car, others have taken longer. Shop wisely, avoid the fever. Your car is out there - each day brings you one day closer to it. Good luck.

Larry