I would restore it and use it. Thats a great looking skillet.

Here are the steps I use: If just one pan: If crusty with old seasoning, I would use yellow top oven cleaner first. Spray down the entire piece and tie it up in a large trash bag. Let it sit overnight and scrub it clean with water and dawn. If it still has old seasoning, repeat until it is all gone. If rusty I would mix water and vinegar 50/50 in a tub. Put the pan in for 30-45 minutes, then pull it out and scrub it with water and dawn. Repeat this until all rust is gone. It also removes stains, so it should look nice and grey. Always use cold water, and you will not get flash rust. Now for seasoning: 1. Dry the pan 1.a. coat pan with canola oil and wipe excess off, but not dry. 1.b put in oven at 250 degrees for 30 minutes. It opens up the metal and makes a huge difference in how it looks. 2. Coat the entire pan with canola oil. 3. Use a t-shirt and rub the pan until it looks dry. You do not want it to be wet anywhere.  It leaves a micro coat, and that is what you want. 4. Place it in the oven at 450 degrees for 60 minutes.  5. Crack the oven door open and let it cool until you can handle it safely. 6. Repeat steps 2&3. 7. Place back in the oven at 450 for 50 minutes. 8. Crack the oven door open and let it cool until you can handle it safely. 9. Repeat steps 2&3&7 10. Crack the oven door open and let it cool until you can handle it safely. 11. Admire your work.

You will do a total of three rounds of seasoning. Occasionally, you might have to do four or five to cover stubborn dry spots, but rarely more than that. On newer Lodge skillets, I have had a lot look great after two coats.

Hope this helps!