I got a 2nd 914 - my original plan was to do a rustoration on a cheap ebay find...then I found this (virtually) rust-free California car - with minimal rust.

In digging thru the car, I found these "nibs" on each side of the engine trays...are these supposed to be drains? (they both appear to be filled with "stuff")

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The battery tray is 100% intact, with mostly surface rust - one quarter sized hole in the tray itself, and I've not found anything but surface rust in the hell hole area.

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On the drivers side, there is some perforation on both the shelf and the sidewall, but none into the long. The two sheet metal areas are about 3"x5" areas, so it should be a fairly simple repair here. The engine hood release tube is rusted thru as well...I may need to search for some ideas on how to cut in a clean piece of tubing.

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The only other rust is in the front hood channel, under the rubber seal. Mostly surface rust here too, with a few very small holes in the bottom and fender side of the channel.

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They are supposed to be "weep holes". Rubber plug is split in the middle to let water through. Most are plugged up and stiff rendering them useless.

Remove them and don't replace with new ones. I'm sure most would tell you the same. All they are good for is to get stopped up and prevent water from draining.
My $.02...

Whenever I repaint an engine bay I modify those holes a little to make sure whatever water flows to that point goes out those weep holes.

The factory installed rubber drains (or alledged drains) don't really drain well at all.

leave them out. leaving them out will allow a small amoutn of hot air into the engine bay but it is minor, the drains clog too fast. leavign them out will help.

you trunk rubber channels look kind of bad, once bead blasted or wire wheeled you will likely find more holes. so long as the rust does not make it up the dies of the channels you can simply clean to bare metal, prime with a good epoxy paint and fill with a epoxy putty then top coat if you wish to avoid welding. ignoring this will eventually result in rust working up the channels into the outer visiable fender area.!!!

fear not however, many 914s are much worse, yet repaired ok in the end.

IMHO - replace the battery tray & support & anything else on its way to rust-heaven!

Remant battery acid from off-gassing, past spills,, etc. remains there forever eating away. Mine went into dry storage cleaned, treated with baking soda & perfect paint without a battery in place, & came out looking like yours!