Yeah its certainly got issues, but in this case I'd just say it makes it a good candidate for a tinkering piano which I think is whats Sam's intent is. You don't really have to be too afraid of messing it up because its already kind of a mess
And I mean that in the best way possible. Its a cool old piano, and being a bit of a mess is just part of that character. It will probably never be feasible (at least cost wise) for it to be restored to pristine condition, so anything you can do to it is giving it a new shot at life
You probably wouldn't want to invest a lot of money on hammers etc, but who knows, maybe you can scrounge up some decent cheap used hammers, damper felts, clean up and re-felt the action, etc and have some fun and end up with something you can enjoy playing and working on without much cost. Most of the hammers could probably just be filed, and I've heard of people using leather of all things to repair treble hammers that don't have enough felt left for filing. Could be worth trying. The bridge, strings and soundboard are probably bigger issues, but given cost constraints, I'd just focus on getting things stable if you can so at least they don't get worse. If it sounds ok to you without any major buzzing etc. maybe you just don't worry too much about that stuff
If its noisy, or if the bass strings around that broken section don't sound well, then figuring out a repair could be interesting.
Best of luck,