David,
It is odd that the rust is only in one spot, however it is an area that could hold some water if there was mud there and particularly if the car was parked across a slope. Add salt to the scenario and it could do some serious damage over time. Of course once the rust takes hold it would just get worse every time the car was driven in wet weather.
I once lent someone a trailer who left it with inches of wet sand sitting in it for six months or more. It had almost completely rusted through the bottom of the trailer.
Anyway, it's good that you found it and can now restore it.
Another spot where the V8 cars are notorious for rust is around the top mounting points for the rear shock absorbers. Which is even harder to see!
Kevin
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