Well this one is a good peek at just how much of a cheapskate I am.
I'd hit the outside of that tire with some vulcanizing glue or pain ol' rubber cement. I'd patch the tire on the inside with a tube patch. Then I'd slap a new tube in it and ride it down to the cords. I'm not ashamed to admit I've ridden far worse looking tires all the way to end-of-life. I wouldn't mount it on the front, but I'd definitely wear that one out positioned on the rear.
-Kedosto