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@lae
Possibly. My beater has a very slight kink in the seatstay (caused by a suspiciously circular dent right where the dynamo used to be, which makes me think somebody did it on purpose) and it hasn't gotten any worse since I've had it (about a year)... although it's not nearly as bad as that.
Mind you, a mate of mine's seatstay has completely crumpled just above the brake bridge, and he's still riding it.
I'd go for it if the frame is free/very cheap, if the tubing is thick stuff, and if it's going to be a zero-budget beater.