When I see that image, steel frame does not come to mind. Looks budget aluminum. nicked clear to the metal, no rust... (found the model - claimed to be steel)
The comments of 650b would help, but entail a whole other cascade of cost.
there is little real estate to work with.
There is a time to call it a day, sell it and buy a used something else.
After looking at the bike on an old website- I think the path of least resistance is a different frame, or entirely different bike.
Last edited by repechage; 09-09-20 at 04:33 PM.