Hi Brad,
I know when i pulled off the front gaurds on my fe ute i found exactly the same thing. The sub frame was ok in that section but just after the end of the sill i have big holes. the previous owner has tried to reinforce the area by adding boxing to hold the bolts for the sub frame. But the whole things rusted pretty bady and it was quit a job to get the sub frame. After some grinding, beltin of the hammer and chisel i finally go the bolts out.
Otherwise though the rest of the car isn't in too bad a condition
Hope that helps
it's just my experience though
REGARDS
MIchael