Without seeing it, I couldn't say how much rust is too much. I can appreciate the idea of building a 2nd on the garage floor to minimize downtime though.
I went the super budget route with mine. Went to the local Pick N Pull yard on a half-off day and pulled 3:42 gears with a Gov-lock from an S-10 and an Auburn limited slip from an '87(?) Camaro. That was probably 15 years ago and I don't remember what it cost now, but it wasn't much more than $100. I cleaned up the Gov-lock and sold it on Craigslist for $50 or $75. Since the gears were 3-series and the Auburn carrier was 2-series, I needed a spacer ring. I got the spacer and a set of bearings from Speedway. I got a no-name cast rear cover with cap preload screws off Ebay. Everything else was reused. I never could get a perfect pattern with the used gears and at certain speeds it howls a bit under coast. This combination will probably hold up indefinitely behind my stock 305. I'll be putting a QP 9" in before the BBO goes in. If I'd had the money 15 years ago, I'd have done the QP.
I agree with the guys who say to add up the cost of upgrading the 7.5 rearend. You'll probably find that a 9" isn't much more than upgrading a 7.5 with good parts. Buy once, cry once.