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Unless you're willing to cough up getting the top tube and down tube replaced, ditch the frame.
Luckily frame look like those cheapo kind.
edscoble-
Really? I didn't notice any issues with the top tube, but I guess it must have been affected if the down tube has shortened at all, I'll double check. I thought that downtubes are in tension anyway so this type of damage wouldn't be catastrophic.
It's not a bad frame, it's a Raleigh Record Ace from about 1980, so solid 531 throughout.
ffm
Bought this 531 frame recently (pretty cheap), then noticed that it has a slight ripple in the downtube. Any thoughts on its safety?