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This is a tough repair. If you are an expert sheetmetal fabricator this could be rescued. But, what do you consider your time worth? And are you an expert? If you were to pay someone to fix this the labor cost could easily eclipse the cost of a replacement.
I'ld find and use an original in better shape. But that is me and I have a heavy bias about rust and its repair
You can always recoup some money by selling it for someone's driver, or someone who would attempt to fix it. I've seen worse for sale.
https://www.ebay.com/i/392311489381?chn=ps&norover=1&mkevt=1&mkrid=711-117182-37290-0&mkcid=2&itemid=392311489381&targetid=593772336173&device=c&mktype=pla&googleloc=9033293&poi=&campaignid=2086169716&mkgroupid=76147899766&rlsatarget=aud-622524042438:pla-593772336173&abcId=1141016&merchantid=6296724&gclid=CjwKCAjwusrtBRBmEiwAGBPgE7mzfwLUnG0k6XnhE8jpgDtHcwF__gGjGVKIag-w-PJ1Nt7L9WCsqBoC3SoQAvD_BwECan't tell much -- ask for a better pic.
From the Mustang Times someone has one. I'll PM you the info.