Don't worry about rust on things like the exhaust and the rear cover. Look at the floor and bottom of the body. I does look like you might be in for some exhaust work soon. You're missing a ton of vacuum lines. I'd start there. I left you a link on a diagram for the vacuum lines in a earlier post today.
http://i37.tinypic.com/35koa5e.jpg It looks like you're missing something that was mounted near the alternator bracket. Maybe someone else can chime in?
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Twisted Minds Racing
99 TA Vert M6 10.76@126.23 4000 lbs and a 150 nitrous shot (traded) 00 Camaro (wrecked)
Current 99 TA 427 and 4L80e 10.34@134mph on motor, 9.6@142mph with 200 nitrous shot.
http://youtu.be/adXHgZRSIvQ