TBH it doesn’t look to bad. I’ve resurrected worse to useable condition.
WD40 and wire wool is all you need. Clarks do a big reel of gear outer for reasonable money. IMO it’s plenty good enough to use on your other bikes as well as the soon to be polished turd!
If the BB and wheel bearings are sound and you can get suspension moving (shock mountings might just need a clean up, stanchions clean & polish plus working a bit of oil in) should be doable for relatively little spend.
Sometimes the chainrings on those BSO’s are warped just enough that you can’t completely dial out front mech rubbing in the extreme gears. Those forks clank on top out, they all do it, it’s part of the charm!