I really dig your budget SL350 adventure tourer! I have a '71 SL350 and wanted to weld up dang near the exact same thing as you've done on yours, a nice rear rack and pannier mounts, but couldn't find anyone who'd ever done it before to get inspiration from.
I also like your 2-1 exhaust. It looks great and looks a lot more crush-proof then the stock mufflers. Yes indeed, the stock ones are very cool looking, but a set up like you have looks way better for actual riding. Plus, with the stock mufflers, how the heck do you mount panniers?
What kind of Ammo cans are you going to mount for the panniers? Awesome project and keep up the good work! I also can relate to your being on a budjet. I am in Tech School (learning auto/boat/motorcycle upholstery) and am but 19 years of age, so the 'ol bike projects are always on a shoestring. But hey, it's almost more fun that way.