My passion is playing with such watches.
There are a few things one can use. Sili-Kroil is a penetrating oil what can loosen screws. Normally it is used for loosening the big bolts on bridges.
Evap-O-Rust can remove the rust from parts. This is used in automotive.
If the screws have been rusted to the point of being snapped off. Alum (a kitchen spice) can be used to dissolve the remaining iron away. (this is last resort and all the other iron/steel parts must be removed first. Cap jewl settings often use steel springs.
It takes a lot of patience to work on such things. The costs will also be much more than a better/complete example. This really has to be a passion. I have worked with some of this for over 30 years, with decades long breaks from it.
Since we are in a disposable society. Such examples do not show up as often as One would like. Also note if you swap the movement, you are basically creating a franken. One would have to save the serial number plate, or find one with the same range. I personally do not have issue doing the Victor F. thing. Only for my own entertainment though. I call these rat watches. I am told in automotive similar things are called rat-rods.
https://omegaforums.net/threads/rust-bucket-special.148468/ Is a thread where I slowly work on an old Valjoux-72 movement. Currently it is once again in pieces as I slowly work through the issues.
I just restored a 505 what was missing about 1/3 of the parts. Some of what remained was as rusted as the example you post.
https://omegaforums.net/threads/tickey-tickey.172501/ Shows the results.
Beyond repair, really does not apply when it comes to watches.