I paid a few hundred bucks and they rebuilt a 3" rusted out section that attaches to the running board along with welding other cracks and straightening some creases/dents but........... My fender I can't replace, so repair was the only option. They put just over 8hrs into it.
Since yours is a Ford you may be able to find a replacement or not on these 80+yr old cars. Wouldn't hurt to pull it off and let them take a look at it / quote ya.
Got any pics of your old school ?
Everybody loves old cars.