Its had the floor welded in sometime before i purchased it. But I do know it will need some frame rail replacement in the typical places where dirt has laid over the years, nothing too major for a averaged skilled person. I drove this as a driveable project for about 3 years and got consumed with the cougar. Overall it would make a good project car. I also have new inner lh/rh fender aprons for the front that never have been installed.
As for cougars i'm pretty good on parts, its a solid car. I'm a member at mercurycougar net under the sn cougar5150 ithink i may have seen you post there. Over all i want to sell the car and all parts that go with it or even possibly trade for a 99 v-6 stang or the older sn95 stangs with a v-8 with some boot.
Any questions feel free to ask and i'll answer as best as i can, along with any pictures needed.