I'm fairly new at "hobby" level metal work but I'd say that's salvageable for sure.
If someone wasn't too worried about perfectly stock contours, they could weld in an off the shelf steel tube at the bottom. If someone wanted it to look stock they could rig up a fairly simple jig to get that bend.
I wouldn't toss it. I tossed a couple of parts years back before a learned what is really possible and I still get mad at myself about it
