Personally, I would try to resurrect that Masterpiece:

Remove the stocks carefully, then soak it in a bath of acetone and ATF to penetrate all of the screw threads, pins, etc., for as long as it takes. Disassemble everything, degrease, and soda blast every bit of metal. I would then inspect and mic all pins, bearing surfaces, et al, to find any fitment and function problems. That is where I'd start, to evaluate the feasibility of bringing it back to life, or to just sell it off for parts.

I think that it is worth saving. It could be quite a looker, and shooter, again, with a Parkerized finish (an easy DIY) that would disguise all but gigantic surface flaws.