Idiot's guide to removing rocker panels: sawzall & grinder with cutoff wheel. Preserve as much of the structure of the original as possible, as the rockers are an integral part of the car's construction. Removal is not a matter of drilling/cutting a few welds & lifting off the panel; you will need to cut and remove the affected portions. You'll notice, once you think you've got everything cut out, that the panel will still not want to come out. This is because there are several braces welded between the inner & outer rockers, which you'll have to cut. You can do this with a long blade on a sawzall, or by sectioning out the rockers where those braces are mounted.
-Are you sure this is a worthwhile project? Speaking as one who has tried to save several cars that were beyond help, I'd strongly advise you to remove the seats & carpet, the sound insulation foam, and remove the asphalt sound insulation that covers the inside of the floorpans (using a chisel to pry it off, or a heat gun & spatula), remove the trunk carpeting, locate & remove all bodyfill & fibreglass that are remnants of previous repairs, and then re-evaluate. Look under the hood, around the cowling & wiper motor area, look for rust where the front crossmember bolts to the body, peer up under the dash to check for rust down the inside of the a-pillars & below the windshield lip. Have you been driving this car for a while? Or is it untested, unknown? I'd only do such an undertaking to a very rare car, or one which I knew a complete history about - what was done, when, by whom, etc. Very disappointing to spend 100+ hours reassembling a $200 rotted-out car only to discover that the reason it wasn't on the road for 5 years is that it needs clutch, rear end, brakes, crank seals, alternator, steering rack, heater fan, etc... If you allot even $1 per hour of time you put in on this are you really going to come out ahead? There are plenty of rust-free 240s, dirt cheap, that need a variety of minor mechanical repairs but are structurally sound & worth putting the time & money into, because at the end of the day you've got something that won't shed Bondo, rust flakes, & pop-rivets on every railway crossing.
After that bit of negativity, though, I'll say this: if you've driven this car for a few years, you've taken care of it & know what to expect down the road for maintenance, and the rust damage is limited to the floor & lower part of the rockers, go for it. A few weekends of work to keep your baby on the road for a few more years? Sounds reasonable.
Good luck!
-Chris
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