Ahh the ol' FlightStar40
heh (points to avatar...)
The FS40 is a great plane. Aside from myself, numerous folks from the nearby clubs that have had the occasion to fly it have commented on how much more stable and nicer flying it is than the newer crop of trainers. Mine still goes out now and then on its tenth year of flying with me. I have put it into trees, power poles, shrubs, cartwheeled it and generally crashed it in various ways more times than I have fingers, and yes I still have ten haha. It is still mostly original covering, sticky back non heat shrinkable film. The covering does maintain a nice shine though and will polish up well with "pledge". You can still get a few of the parts for it as some match the newer trainers also. I wore out the original .40 I had on it and now it carries a Thunder Tiger .46 leaned over with the right cheek off to dress up the lines a bit and get the exhaust down away from the covering. The shelf paper type covering comes up along the edge once fuel gets to it. A good trick that will save alot of grief is to seal the seams with clear nail polish afore fuel gets at the adhesive. Guys at the field call mine the "sport trainer" now with the .46 on it lol. It does do quite well, inverted, kinda hovers and torque rolls, more so than one might expect with that huge wing. Set it up a hair tailheavy cg and it floats down like a butterfly to touch the mains. As for the current state of the wing etc. Sure that can be repaired. Make a template from one of the exposed ribs and get a piece of aircraft plywood to make a new joiner.
If you do not get the assembly book with it I can scan and email you a copy of mine to help with the parts cutouts and repairs. You will have a real diamond in the rough once you put that plane in service