First thing to do is to find out if it is just surface rust or if has gone beyond that. Take a small screwdriver under there and push against it. If it doesn't go through you are in good shape. Clean it and paint it or use a rust inhibitor like POR-15 on it. If it goes through or you find any weakness, you should either patch or replace. You can do the same test on the front frame rails, rocker panels (in an inconspicuous place), under the battery tray and all the other places a Z normally rust. You don't have to beat on it, a simple push will tell you all you need to know. If it is weakened from the inside you will notice a lot of give in the metal or you may even poke a hole in it, in that case it's time to start welding.
Do a search here using the search function on the main page and you should come up with numerous posts on rust problems and how to repair them. If you can't find the answer to your dilemma, we are always here to answer more questions.
Oh, a 77 is a 280Z, the ZX's started in 79 in the US.
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