It is yours for a nominal cost? Of course. No one is pretending that it won’t be a project - but it probably fixable at modest price and lots of labour. Obviously you don’t put out the $$ for a VFD or DRO until it is up and running and you are satisfied it is worth additional investment.
I have tackled 3 machines that were every bit as bad as that (a large Huron mill - pooled water in the motor, the electrics, everywhere, a radial arm drill, mostly disassembled, lots of rust, and an 11” lathe dumped in a swamp - several pieces missing). All of them are now working well - no issue with the parts made. Of course they are not like new, but they were really cheap.
Quality machine tools are really tough and can survive a lot of abuse (better if they were cared for, but they really are tough). The biggest factor is you, your capabilities, skill, determination, resources available to you. I’ve been in this game 40+ years, I’ve done a lot of repair work, I have a well equipped work shop.
If this is your first machine, you want a low cost entry into machining - well then pass (IMO machining is not a low cost hobby).