In my opinion, it can be restored but it is a challenge especially because of the structural splits. I have done some that were close, but not quite as bad as this one. Here is how I would do it.
Remove all of the metal and microwave it to make sure there are no living bugs. Clean it and let it dry. Re-glue (epoxy) all of the splits and put a wood patch into the missing area and shape it back up. Generally-flatten and square the sole, re-mouth it with a glued wooden patch and do the final flattening on the sole. Rework the blade. You may have to use the “ruler trick” if the pitting is severe on the back. Apply a little BLO to the wooden areas and wax them. Assemble the parts and try them out. Hopefully you could then just do a little fettling to bring it up to being a decent user. Please note that since this plane has no chip breaker that you might want to tune it for scrub work, which means more camber to the blade and an open mouth. I looks like an interesting project.
Thanks for the advice. Someone tacked a piece of brass over the mouth. This one may take some time because I don’t have the tools or the skills yet to rip a piece thin enough to laminate over the cracked sides. Do you think a resole is needed?
Sorry about taking so long to reply. I have seen planes both re-mouthed and re-soled and have done both depending on the plane. The challenge with re-soling is in getting the new section of the bed to match up with the existing bed. I used hard maple and it worked out well. Re-mouthing involves letting in a wooden patch to close up the mouth and is a more traditional fix.
I wouldn’t try to apply a laminated piece to the side. I would just re-glue what is there, carve in and apply an oversized patch and cut it back to match the existing contours of the body. This is probably a project you would want to wait on until your knowledge and skill have advanced some, however it would be a project you would gain a lot of experience from.