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@lae
If it's pennies cheap, go for it.
Strip down, clean bearings and inspect for pitting, new ball-bearings, grease and re-assemble. You might be able to find new bearing surfaces if they are knackered.
I would be concerned about why the hub has been mistreated so badly, though. As in, if it's got a cracked flange or bent axle or something, and that's why it hasn't been maintained.