Mate - you really don't want to see me let loose with anything resembling welding gear
(....I'd only make it a lot worse
)
In all seriousness, it is in such a poor state I don't think it worth the time and effort trying to save it.
...But, if anyone wants to give it a try before I throw it away they are more than welcome to it ( you'll have to collect or pay for postage though !)