You can't beat that for a deal if the work quality is ok. If you check around to see what a full body and paint job costs in a commercial shop, you'll probably be in for a shock. How extensive is the rust repair that needs to be done? If it's minor stuff and doesn't involve replacing floor pans, they can probably handle it fine. If it were me, I'd ask to see the work the school shop has done before and judge from there. Usually, the guy that is the teacher is an experienced body and paint guy and can help the students when they run into a hitch. I did most of the bodywork for my big Healey at a local technical school night course and got help from the instructor when I needed it. I did pay to have it professionally shot because I didn't want to take a chance shooting metallics on my own. Maybe you could work along with the students. It would give you the chance to keep an eye on things, let them know the car is special to you, and help you make some new friends as well. Personally, unless I was going for a full concours car, I'd jump at a chance like that.