Is this too much rust to consider to buy? 1966 Ford Fairlaine

Even an atiquated oil car still running a contact point distributor should not need a full tune-up every 12k miles. If they do, then someone is not doing something correctly.
One common flaw was to install a new set of points and not clean and lube the distributor cam. This led to premature wear of the fiber block on the points which then led to premature gap closing and burning of the point surfaces. This is operator error; not a mechanical fault.

My old Corvette (which I owned for 2 years) had a dual point distributor and I never needed to replace the points in that one ever.

Driving an older car daily does not worry me although others may have concerns. I used to commute a 160 miles a day round trip to work in an older contact point car while mixing some of the driving up with a Harley. The HD was more of a concern than an older car.

Breaker point ignition systems before electronic ignitions (1960) needed a tuneup yearly.

I think my nephew paid $500 for his 62 Fairlane from Arizona. The paint was shot, but the panels and floor boards were solid. Of course it needed an engine and transmission, but $8000 sounds like a lot. Check Hemmings listings but I agree this is a very bad idea for a young person.