Pencil

Hello all. I've been hankering after a 350z for ages. My dearly beloved FTO which I had for 15 years recently exited this earthly realm due to the dreaded rot, so I've been looking for a Z as a replacement. Been offered one approx. £5K, it's on 70K miles. It's quite a distance from me so I wanted to ask you fine people what you think of the underside - owner has sent me a video, which I've shared here via YouTube: It looks like surface rust (?) apart from the ARBs which don't look great (might just be a wire brush and lanoguard job though) and this bit (attached image) which is a bit more worrying. I'm not sure what/where that is though. Is it a concern, or perhaps just a heat shield or something (forgive my ignorance, I got to know the FTO intimately but I'm new to these...)? The arches look OK. Any opinions gratefully received Tim (Kent)