I just picked up a 1973 1.7 liter. This is my first 914 and first Porsche. It is basically rust free. All signs point to this being the original paint. There are some little dings and chips here and there. Sounds like the only rust was the jack plates which were replaced.
As far as I can tell (based on documentation with the car) the original owner owned it for 35 years and then there were two other owners before me, but between the two of them they only put a few hundred miles on it.
The owner previous to me had it gone over at Translog in York, PA and the following work was done (these are the highlights):
Inspect entire car for rust
Compression test - (1) 150 (2) 150 (3) 142 (4) 147
Replace shift bushings
Replace jack plates
Replace push rod tube seals
Adjust valves
Replace Valve cover gaskets, replace valve adjustment screws
Replace all windshield washer hoses
Flush Brake fluid - replaced with ATE Blue
Replace fuel hoses at pump and tank
Replace fuel hoses on engine
There is a fair amount of original receipts, etc with this car.
There are some small issues to resolve - for example the high beam indicator doesn't light up when the high beams are on, the light between the seats doesn't light - so maybe some bulbs to replace here and there.
Also, locking the drivers door with the key is finicky so maybe it needs some lube or something.
Enough with the description....here are some pics: