Ok, look at it this way, with the bill of the important welding( which should of been done first really) when you weigh up the total cost that will be spent to have a good solid ,sorted two seater to be used and enjoyed,fully protected, and last for many many years, what else could you get for the total cost spend.
Don’t look at losses, look at the gain.
M-m
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I owned a similar very rusty MK2.5 that I repaired (mostly welded) several times to keep going.
For me, your car is probably too far gone to be worthwhile restoring - even a ‘bodge’ for passing the MOT is likely to be £1,000 and based on my experience you’ll probably need more welding the following year for a different bit that’s gone rusty.
I would take your car for an MOT and see what else you’re dealing with - on my now scrapped car the chassis rails, sills, rear arches and all four seatbelt mounting points needed welding over a fairly short period of time.
If your car was a MK1 I might be more inclined to carry on, but a MK2 is always going to have a limited value no mater how much you spend on it.
On the plus side, if your car still has its original catalytic converter that’s worth a fair bit due to the rare metals inside. Also the hardtop is fairly valuable (and easy to sell) if it’s in decent condition. Any new bits you’ve added can be put on something else or sold.
EDIT: I still have a different MK2.5 - it likewise has needed some welding but is in good structural condition, which made repairing it worthwhile. In contrast my scrapped car was too poor to make it worthwhile to continue spending money on.
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“But a MK 2 is always going to have a limited value no matter how much you spend on it”
EDIT : I still have a different MK 2.5…
Hmm…talk about Cognitive Dissonance 
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Hi ya
At the end of the day it’s a ‘Judgement Call’
NB Resurrection isn’t for the Faint Hearted so 
as to what you’ve achieved so far 
NOT helped by Cost of Living/Energy Crises 
And perhaps that is the real issue here ?
I nearly gave up on Bullit a few years ago [and her rot was far worse that what I’m seeing from pics of your girl]
Club Member asked ‘Imagine how you will feel when she’s gone’ [at the time I couldn’t see where I was going to get the money from to carry on with her]
Couldn’t let her go and we still here and I’m so glad I didn’t give up
Better the devil you know 
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Hi. I restored a 2004 2.5 three years ago and I recognise those photos you posted! I didn’t pay much for the car, and the engine, gearbox and brakes were all usable, but the first lot of repairs included the chassis rails (which were like yours), the rear wheel arches and end panels, plus two new front wings. The sills were in fairly good condition thankfully but the welding and parts cost just over £2k. I then had it resprayed but since then have slowly done other jobs, timing belt, calipers, lsd and recently replaced suspension bushes and shocks. And I’ve had a lot of experienced help.
The car is great, it gets used all year round (except on salty roads) and I love driving it, but I had a good idea of what I was letting myself in for, mainly through the very knowledgeable and helpful members of this forum and YouTube (MX5 restorers and others). As has been mentioned, the rewards are there but it’s all down to your resources and priorities. I had seen the car I eventually bought on and off in a garage where it was stored for two years before I felt sure it was something I could take on, and even then I deliberated for ages! I have spent more than the car is worth in financial terms but I have had a massive amount of enjoyment out of it and wouldn’t be without it now.
I hope you are able to go for it! 
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Concur with Bren15 
[At the time I nearly gave up on Bullit I thought she’d be better off with an owner who had more knowledge and skills and experience and funds to take better care of her than I could]
But what stopped me ‘cutting my losses’ was my history with her [purchased 2007]
AND circumstances change [e.g. govn ??]
There is no right or wrong decision here
But perhaps wait a bit because once you let her go you can’t get her back
Hope this helps ?
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My brother and I owned the (red) car I eventually scrapped for well over 20 years (brother first then me). I kept getting it welded due to sentimentality - I suspect it was more welding than car at the end. Looking at the OP’s photos, their car reminds me of my old red car. Hence I would get it MOTd to see what needs doing to make it road legal and then decide if it’s worth doing. If the car is rotten rather than just rusty, then it’s probably better finding something that’s not as far gone. The car I scrapped was rotten, the car I had welded was ‘just’ rusty.
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Appreciated Super_7
For your extended explanation that will hopefully assist the O.P.
Except ‘Sentimentality’ [My decision making is way more complex than this]
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Thank you all so much for taking the time to share your opinions and insight. This has helped me greatly.
I think I’ll step back for a while, see if i can get an mot done to get a better understanding on what I’m dealing with, and then make a decision from there.
Thanks again. I’m sorry I don’t have much else to say at the moment, I’m a little overwhelmed from the whole sh*tshow but I’m really grateful to be a part of such a knowledgeable community.
Take care, folks. Will update when I can. 
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Good thinking 
You are not alone in dealing with a whole sh*tshow at the moment [but for different reasons] 
I’m a WASPI woman so State Pension have known for six years I’ll claim 2024 aged 66 yrs
And still they’ve not made the calculation [but were exactly on time stopping my Disability] so no idea at the moment ‘when’ or ‘how much’ I will get paid 
So had to cancel getting Bullit Near Side Rear Brake Caliper [as flagged up by recent full service] and of course the ‘little madam’ decided that [on my birthday] to stop the motor working on her retractable aerial 
So Fun, Fun & More Fun …NOT: :
[Thank goodness for the overdraft]
But I know that eventually I will get my State Pension [I mean what’s another few weeks after waiting six years in the bigger picture]
So…you’re right to ‘step back for a while’ until matters become clearer
AND DEFO…Take the Pressure Off Yourself [one of the down sides of being a club member if you are resurrecting/restoring is you see what others have done and it can make one feel inadequate]
Which you are defo not
Kindest
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PS [Before I lose the thought…it’s my age]
When I was ‘overwhelmed’ with differentiating between Bullit ‘needs’ and ‘wants’ and my ‘needs’ and ‘wants’ for her
Club Member advised ‘Take Time Out’
SORN if you can ?
[Off to deal with other First Important Priorities due to State Pension FAIL]