Sounds a tad high, but you have to realize that to do it right, you need to unbolt the box and move it out of the way. And doing it right involves cutting spot welds and removing all of the old panel, then welding in a new panel. Also, undercoating and sealer need to be sprayed in from the inside through the arm rests next to the rear jump seat.
I sometimes unbolted the box and very carefully tilted it up, first on one side, then on the other. Ideally, you would remove the box completely, (not as hard as it sounds, with the proper equipment), then replace the fuel pump as a bonus while it's out in the open.
The wrong way is to simply slop the rusted areas full of Bondo.
As I said, your estimate sounds a bit high, but not everyone likes to do rust repair, and the guy may be hoping you'll go elsewhere.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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