Thats pretty bad but still better then the Dave Scott I had. The seat post lug was Swiss cheese as wall the cable stop on the chain stay.

I paid $20 for it sold the frame for $20 to a guy that was wanting to learn brazing and was going to try to repair it. Sold the wheels for $20. Kept tte 42cm Nitto 155's for one of my other bikes. Have the derailleurs, they function but ugly. Swapped the 105 single pivots for a set of double pivots on a bike I was flipping. So I was actually able to make a few bucks on it.

Your bike if there is no structural issues I would get it functional and make it a beater. Wouldnt be pretty but may ride great. Maybe a rattle can paint job but the patina is kind of cool if you can keep it from becoming a safety issue.