Well.....
I just got off of the phone with the body shop. Needless to say my fears have been confirmed. I am the proud owner of a Bondo Buggy. He told me that every panel on my GTO had bondo on it. The depth of said bondo ranged from 1/16th of an inch, to as deep as 1/2 of an inch. He said that whoever did the body work on this car previously, spent more time block sanding the bondo than it would have taken to work the dented metal and repair it properly. he said that he has never seen anything like this. He did say that the rust was really not that bad, but he said that he must have removed about 100 pounds of bondo. I am going to try and get up to see it before the end of the week so I can get pictures.
I am sooooo bumming right now