Well, considering we live in a seaside town and its a local, id say its seen the salt air - like every other car in this town.
I was thinking maybe it was used to tow the boat down the boat ramp at the Breakwater which would explain the rust.
So obviously this sort of rust isnt common then at all which is good to know.
I checked the VIN and it is a 3.5L too.

Ill still have a look at it, give it a run etc but unless there something super brilliant about it, i might give it a miss.