Am I on right track or overreacting
twisty - your assumption is probably a good one. Fortunately, you can test the waters by starting with just one side panel. The front is not too terribly difficult to remove.
Can reasonably sound panels usually be removed and reused?
Panels can be reused if carefully removed. Or, sections can be cut out and patch panels installed with the fender either on or off the car. Places like CoupeKing and La Jolla have a collection of used panels they use in their restorations.
Once off then you can assess whether the other panels need to come off. The extent of rust is usually fairly consistent all the way round. There are a few things you can do do assess the "general" rust state of the your coupe before you pull off the fender.
1. Remove the sound deadening material on top of the inner fenders. If there are major issues they will show here.
2. Remove the protective metal panel at the rear of the front wheel wells. If the panel is still intact and in good shape that is a good sign. Clean out this area to inspect undercoating, rust, and/or holes.
3. Check the spare tire well and fuel tank surrounds, floor boards, and pull the outer decorative rocker cover off.
In my case the rust was evident in enough of the above areas along with just all the surface rust you could see on the backsides of door and rear quarter panels (and on the body frame itself), that the only way to get at it all was to pull off all four corners.
The other consideration might be whether you intend to keep the car longterm and what level of restoration you are after. I don't think it makes sense to put a $20k paint job on a car with a questionable rust base. If you have the financial resources then pull it apart, fix/remove the rust. Then you have a car that you can easily sell, will have good value, and heaven forbid, maybe even be able to drive occasionally in the rain (which invariably happens).
If you post some photos of what you uncover then I am sure others will offer up comments on the specific conditions/remedies for your car.
good luck,