There hasn't been much welding either. That was the main reason why I bought this car.
It's hard to find a Fiat 127 in a good shape here in Finland becouse of the weather conditions and road salt used in winter time.
Usually old cars start to rust especially from the bottom. Only one small hole has been welded shut from the bottom and then the whole bottom was sprayed with rust protection mass. The car had no bumpers when I got it and that was ok becouse I would have removed them anyway.
The rear bumper fastening holes were already welded and painted shut but the front bumpers holes were still there. Also somekind of "racing" exhaust protection plate had to be removed and the hole welded.
These and most of the other welding stuff has been done by another friend of mine Tatu who has many interesting project of his own too. ( links )