Depends entirely on how much metal is left. You may have to have some cutting/welding done or just use a decent rust treatment (I've used Aquasteel on my W202 and my Jeep to good effect). Then it'll need a lot of filing, sanding, smoothing etc and repainting.
It's a big leap of faith to get stuck in with the old angle grinder... it may be a big moment of dismay, or one of relief that it isn't as bad as all that after all.
In for a penny...! Good luck!