You might want to consider a rebore, if preserving the shape of the original barrel is of any interest to you. 9X57 is one possibility or 9.3X57 if you don't mind having to go with more expensive bullets. The stock doesn't have bad lines, and a refinish job might work wonders.

A lot of stocks of rifles coming out of Africa were badly oil soaked and may have rotted to the point that they are beyond repair, but a quick trip to the furniture stripper would answer that question.

I wouldn't discard it out of hand. I restored the stock of a nice 10.75X68 Mauser that way and had the badly pitted barrel rebored to .458 with excellent results.