Yes, that chassis can be saved. Why do you want to? I think I have two good excuses. What's yours?
26th has been collectively that bad over her years and to stop the same condition your car is in, I had to dip her - inside and out. I plan to dip 27th as well. The dip was around $1,600 and body prep, welding, new metal and primer was around $5,700. Now it is time for paint and I'm keeping my fingers crossed that the whole body will cost less than $10,000. I did all the grunt work - grinding, sanding, scrubbing, sealing, and sweeping the floor - provided beer for months on end and expect to have the body shell in brand new condition when I am finished.
Best of luck!