Hi Sage, I agree with Malcolm, it doesn't look too bad really, and if you start poking it, it could open up a real can of worms. So, as our leader suggested give it a good spray with oil, 50x50 engine oil and cavity wax works well, and take it from there. At least you can use the car and come mot time, well who knows it might get through. Check out my post, fossicking in the garage in projects. I was lucky to lay my hands on a complete assembly, as aligning the new bearing housing to the old arm in the right position is critical and tricky.
Plus the fuel and brake lines can be troublesome too. Good luck.