From personal experience the problem with renovation/repair is that it will look like new and you end up losing the emotional link with it.
It pains me to say it but maybe the scrap option is best. Don't pass on the responsibility to someone else by selling it and don't torture yourself for ever more by hanging it "as is" on the wall.
On the other hand...
Now you've got me at it and I can't decide which way to go.
I don't envy you.
OK, I've gone for keep.
I'm unsure I'd be comfortable selling the frame on, even if the other party was happy with the conidtion.
Probably best keeping it and hanging it on the wall. For another 6 years...