how much rust is too much??

[jcueckert13]

right now i am at a point where i need to get a truck for school in the fall and i figure rather than putting the money in to another truck i might as well put a rebuilt motor in my 70 gmc. i have been going over the cab looking for problem spots and i have found holes in the kick panels (each side where the kick panel meets the floor there is a hole about 1/2x3 inches) the pass side floor pan has a patch or rust about the size of a silver dollar, and also where the jack goes next to the gas tank is rusted out. and the drivers side has some small holes in the floor pan. there are also minor spots of rust on the cab corners, but what i would like to know is will any of this be a problem if i start using the truck as a daily driver?