Whatever you end up calling it (restored, repainted, repaired...) is immaterial. When it's done, it will be better (i.e. worth more) than a "survivor" with rusted quarter panels.
Now, do the quarter panels need replacing, or just the lower areas behind the wheels? If it's just the drop offs, then I wouldn't be inclined to replace the entire quarter panel. If that's the case, you can do it yourself. The cost of materials and tools will be less than paying someone to do it and you'll have the tools when you're done.
I replaced both lower drop offs on my '63 Nova SS and they turned out great, inside and out.
When the only tool in your toolbox is a hammer, you tend to see every problem as a nail.