It took me YEARS to find one I didn't feel bad about cutting on. One side of the stock was scratched up pretty bad, as mentioned the forearm was split, and the barrel had some major blueing issues which were mostly on the front 6-9" inches. I cut most of that off. No actual pits or heavy corrosion but it's got a lot of "character". Seems kind of fitting for my intended role actually.
For the forearm I soaked it in acetone overnight, let dry thoroughly, made some adhesion cuts and relieved the crack a bit. Then used acraglass with a single layer of fibreglass cloth. Smoothed it up a little and put about 6 or 8 coats coats of pure tung oil. If it breaks again I'll go to a synthetic. It's really a shame this gun was treated so bad, it had very nice American looking dark walnut, not the normal lighter European walnut.
I snapped these as I started dremeling on the inside.
@P.E. Kelly, that article is what got me looking for one of these in the first place.