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I had a Hitachi console that was in really poor shape and ended up scrapping it, a move I later regretted as it was such an interesting set. I won't be making the same mistake with the Bradford/GE mongrel I got last year. That one's a low priority with me though as it'll probably never see regular use.
By the way, upon closer inspection of that photo I noticed that the top of the HV cage has rusted through as well as the main chassis where it meets the cage. For those spots I'd break out the Bondo, as long as the rest of the metal isn't severely compromised.
One thing to consider, tube color portables are hard to come by in any condition.
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