Corey - first off, a warm welcome to the Packard world. I'm 34 and typically the youngest guy at car shows or meets, so it's great to see someone else interested.
I had a similar experience to yours in college. As a freshman, I developed an interest in off-roading. I had a little bit of money and I went and found the first 4x4 I could. It was a 1953 Willys Wagon with a Chevy 265 V8. After 4 years of putting chevy parts into it, I finally just shifted all of the Chevy parts to a Chevy Blazer for offroad adventures. Had I listened to some sound advice back then, I would have spent a lot more time wheeling and a lot less time wrenching by saving up a little and buying a vehicle in better condition.
Having always being interested in old cars, I acquired a '37 Packard 115C about six years ago. Based on pictures, it was in much better condition than your starting point. See my project blog here:
https://packardinfo.com/xoops/html/modules/newbb/viewtopic.php?topic_id=6550&start=0. I did all the mechanical work (frame restoration, new lines and brakes, rebuilt transmission and engine, etc.) I also gathered a ton of new body parts based on the condition of my body. Eventually, I ended up shopping for a better body and instead just bought a better car. I sold my 115C for about what I had in it in parts - so no pay for my labor other than the experience and no recoupment of the initial purchase price.
Your car is worse than mine was. I also am assuming money is tight; it was for me in high school! I get it - you have this car, with beautiful lines, and you see the potential. I think the advice you're getting here to run away is sound; I would always recommend buying the best project you can afford - any money you put in after the initial purchase you won't get back, and it costs more to restore than to buy restored.
If you can't be dissuaded from this project, I recommend you don't do any big projects. Don't worry about rust on the frame, yet. You can do brake lines with the body on the frame, for example. I would get it running and driving with the least amount of money possible, and start shopping/saving for a donor car. The most realistic way to restore your car is to buy one, two or three other cars of the same or similar body style and graft them into one. Not sure if you have the time or the space for such an undertaking, but that is likely the only way to bring this one back!
Since it's your money, I wish you the best of luck in whatever you decide. Hopefully you can combine some of our experience and save money - I've learned it is cheaper to learn from others mistakes!
Regardless of your decision, welcome to the community and don't hesitate to ask if you need anything!
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