Cheers for all your input guys, much appreciated. Murraymint, thanks for the arch mate, ive pm'ed you. Thats the great thing about this forum apart from the sarcasm (which is funny as hell) everyone is prepared to help each other out, even giving parts away to help another member out!
What im intending to do is like you've said, strip off all the plastics and bumpers at the body shop, have a chat with them and talk realistically how much it will cost to sort, if it silly money i'll admit defeat and not get the work done, but as Callum said i can always stick the plastic arches back on and noone will be any wiser, i can drive it round for years yet and break it when it finally dies.
Hopefully if the price isn't ridiculous and they are willing to take the job on, i'll be doing a bit at a time, and restore it over time rather than in one big go. it will mean the car will have patches of primer on for a while or i can get it blasted in black so it doesn't stand out and then once the cutting and welding are done i'll get it fully resprayed properly. By then it might be worth someat!!!

I've no doubt 10years ago the mk1 boys were having the same discussions whether to save and restore or scrap it, and look at how much they go for now! The rate these rust and how much they are worth now (i.e pittence) loads will be broken and as the supply gets lower, demand increases.