Make no mistake, it is beyond salvageable. I think the only solution would be some kind of Roadkill style back yard body on frame swap: hack off the vast majority of the CS and plop it down on an S10 frame, then swap in a 454. A true redneck special. If the good ol’ boys down south can slap a Mustang onto a tractor tire equipped truck chassis, why not?
The Euro hotrodding community is very much “behind” the muscle car crowd in this respect. Granted, mixing and matching old muscle car parts to get something running is a lot easier than messing with a BMW from the same period. That being said though, I hope preserving “barn find” vintage Euro/Japanese stuff becomes a trend within the next couple decades. Sure, we’ve seen the stance crowd getting into artificial patina for a few years, but its unnatural, and usually on a pretty mundane car.