I'm not exactly sure what's going on there. It is the same on both sides. I'm confident I will have to replace the axles and shocks at some point. I'm contemplating a complete shell-off restoration. But if I do that it will be a slow process because of the time and cost involved.Jesse, looks like it may have some new skin on the side of it. Will the running gear all have to be rebuilt.
I had a 1968 31' Airstream for a short time before going to fifthwheels. Good luck on fixing it up.