John,
I guess I see the potential....if it was mine it would get a sympathetic restoration. A trip through the ultra-sonic cleaner first, some gentle cleaning of both wood and metal and then decide. It really does not look that bad to me. I take them in to the shop in far worse condition fairly often. That gun might end up looking pretty nice with a bit of elbow grease. The only thing that looks to have deep corrosion is the heel plate.
Steve