Catalina 22 (fixed keel) rust weeping & crazing on the hull. Cosmetic or structural?

[PCLP]

Looking at a Catalina 22 (fixed keel), freshwater, just hauled and on the hard. Photos below of the hull and keel.


I’d love the read of people who know these boats:

1. From what you see, how’s the overall condition of the hull and keel?
2. Anything here that’s a red flag vs. normal wear for a 50-year-old boat?
3. What should I check next before ?

Thanks in advance.