Mercian head tube problem

CHUG_IT sounds like an ovalised headtube... possibly due to previous owner running the headset loose??

Coke can it, it worked fine for my Grifter, however wouldn't reccomend it as a long term thing

It's ovalised alright... Total pisser... New tube or repairable d'ya think?
Would only ride it like that 'til I can spare the cash for the resto job, coupla months tops... How much more damage would I be doing in the meantime?