That is about what mine looked like when I bought it and pulled it home. The wood from the wood steering wheel was laying on the ground – it had fallen through the hole in the floor pan.
I thought it would be a quick father-son restore and then on to something else.
We finished it 7 years later with long lags in between work. Been on the road 10 years now.
Looks about the same as my speedster project as well that is now lagging just like the MG did – life gets in the way.
Anyway – bottom line – it could be back to life with a bit of energy.