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I would add to what the others have said that I'd be more concerned about what is inside that rocker panel than what you see on the outside. IIRC, (It's been five years since I had mine open.) there is horizontal structural metal inside the panel that is more critical than the outside sheeting. Explore from the outside with a pen light and move the carpeting out off the way on the inside so you can take a peek through the access ports there. That will give you a better idea of what you are facing.
If you do any repairs in there, rust-proof as best you can (POR-15, ZeroRust, Coal-tar epoxy, Pettit Rustlok, cold galvanizing spray, or whatever) and make sure the drainage holes are clear - plugged drainage holes cause most of the serious damage to rocker panels.
Bob S.
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‘62 PV544 (B20, M41), '71 142E, '93 240 Classic Wagon. 
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