Thanks for all the input. The fate of the frame has been decided. Got a quote on the stay which was enough that I would feel obligated to get a good paint job done. At that point, I could buy a decent used frame, then I’d have to find the right parts. And then I’d need, and so on…..

So, frame is getting evaporust , a coat of clear rust oleum as I have some on hand and people should see the excellent work that was done by the person who wielded the torch, and then something removable, like putty or caulk stuck in the holes to prevent water entry but allow easy inspection of area. And then it will be built up and it will get ridden for a while longer.