If I had my woodshop still, I would consider it. I will admit, the hack job looks TERRIBLE, but looking at the 3 other quarters of the body, the rest of it seems still intact. My solution would be to figure out what kind of wood it is, cut out the damaged section, and re-shape it into the original Mustang shape.
Next, the headstock, same deal, cut off the roundness, replace the wood, reshape into a CBS headstock.
Finally is the pickguard, just replace it with a copy, and put on some Robroe covers, then a nice refinish with matching headstock, and boom, back to a Mustang again.
The Tearstang and the Tele-Stang don't even have a quarter the chance of being restored as this one has.