What the hell is that thing hanging down from the side of the fuse???

It looks a little like a Telemaster, maybe it's a bashed version.

I would say it's your call - It doesn't look like it would take too much tinkering to get it airworthy, but only if you have the time, patience and money - and don't get me wrong, LOTS of folks would rather get something like that back in shape than buy new.

Enjoy!