A/C cars will NOT have a vent door on the driver side, so no worries there.
That appears to be a fair amount of rust, but....mine had about the same amount in that area, too. Cleaned it up and coated it, and I quit worrying about it. Nothing I can do anyway.
The water gets in there from the fresh air system(look at the ends of the area where the wipers are, under the hood, and you'll see the wire-mesh grills to keep stuff out). If the drains in the bottom of the cowls are stopped up, and they usually are, water will pool up down in the kick panel area. Water leaking past the windshield seal will also run down there, and also rust the windshield header out.
I can't give you any specifics on the paint on my '74, other than it is a base/clear, code 74L. I
think it is a PPG paint, but it's been so long ago I just can't remember.
I can remember this..."ALL Corvettes are
RED...the rest are mistakes!"
______________
Joel Adams
C3VR Lifetime Member #56
My Link
(click for Texas-sized view!) NCRS
"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"