Recalling the wreckage I did my PPL in, many UK firms
would have let that sort of thing through, but on balance I don't think that plane has seen "maintenance" in years.
AFAIK the one thing which makes an airframe rebuild really unviable is extensive corrosion. I once saw a C150 or 152 in a maintenance firm, being rebuilt totally, but as they opened it more and more they found more and more extensive corrosion and in the end it became unviable to continue with it.