Spokes breaking = rim failure is utter nonsense, at least for vintage rims.
However, the dings that you describe (and the fact that they've been hammered out) are a cause for concern. Is this rim steel or aluminum?
If it's the latter, you can kiss it goodbye, for aluminum is prone to cracking when deformed. Steel is considerably more malleable however, and in many cases, can be bent back if necessary. It's not a pretty fix, but in the case of harder to find rims, its a suitable fix.
Take care,
-Kurt
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