Personally I would have it blasted just to see what I have. If you like the "paint" job you might not mind the bondo. I might just sell it and find something else before I got too attached.
Whatever you decide, look luck.
BLASPHEMY!!!

It took me like a year and a half to find this hunk o' metal

(I was attached the instant I saw it on good ol' craigslist ;-P)
I feel you though, I'll have to keep you guys posted on the paint.
After hearing everything, I've decided I'm gonna bondo it up for now (what could a little more hurt? :D) and after I get enough tool to tackle a good resto, that's when I'll see where my cards truly lie.