Here's my car in June - July 2005. The yellowish stuff is factory applied. I guess just smoothing the notoriously poor British Leland sheet metal. It's filler but is not covering holes or rust. It was taken down further after this pic was taken. We spent a couple weeks with razor blade scrapers taking the paint off. Sorry, poor quality photo.
Here are the only three rusty bits from my car. Top - passenger side rocker panel just aft of the wheel well; inner rocker rust-free after removal of fender to do this repair. Lower left, Driver's side just aft of wheel well on curve of fender flare. Right - top left side of Driver's front fender just aft of headlight; about the size of a stick of Juicy Fruit. No rust elsewher and absolutely no rust in frame.
Got the AA badge bar emblem from my daughters two Christmases ago. Figured out a way to mount the badge bar emblem to the grille without ruining it. I wanted to keep it because they took the trouble to find and order it for me and I didn't want to replace it with a Moss grille badge. I really like the enamel AA badge but a lot of folks think it stands for Alcoholics Anonymous. I tell 'em that's exactly what it stands for.