I love the "quilted" trim! The stove is also really sweet. You actually seem to have a an ok paint job (though it definitely needs cleaning) and it does seem to have a really solid hitch. It appears that the bottom has a covering (belly pan), so probably the rest of the frame is ok. Judging from what you wrote on vintage trailer club, you may have a bit of work fighting rot, but bear in mind, you will come out ok. If you attack it preemptively, you will end up spending a bit of money, but you'll end up with an RV that works as well as a new one, but costs less and has a whole lot more style.
Probably the best way to see what's up is to start disassembling, starting from the insides. Most things in these kinds of trailers are usually screwed down (although you may find rivets as well). It's a good thing to disassemble, if only to discover what lies underneath and to replace any rusting screws. The main thing is to carefully bag (we use those snack sized ziplock bags) and label all the itty bitty little parts. Then you have a basis for reassembly. The other good thing--when you pull apart the walls and floors (you'll do what you need to do in an exploratory way), you can remove any rodent remnants (unfortunately, almost inevitable) and replace bad insulation. The result will be a cleaner, better smelling trailer.
Canned hams are cool little trailers! Many of them have amazing (often birch) wood interiors. We've found getting involved with other vintage trailer owners is very motivating. Two groups you may want to look into are Tin Can Tourists
(for any kind of vintage trailer) and (if you don't mind leaving your hubby behind) Sisters on the Fly
. Craig Dorsey (Vintage Vacations
) is in the process of moving to your area--every year (except this one, because of the move) he sponsors a vintage rally--so it is something you can work towards next year!
I hope all of the stuff folks round here write leaves you psyched to get working on the trailer (we love our airstreams, but we're not chauvanists!). It's a true pearl in the rough, but it is a great gem!