That's half the fun though, isn't it? Taking a "basket case" that could otherwise end up in a junkyard and
bringing it back to it's former glory. My '73 250 was in very rough shape too and I ended up having to
replace a good percentage of the parts. But it was worth it in the end.
I took a closer look at the pic you posted and it looks like the original shock mount and pipe mounts are
still intact. A little work with a plasma torch and a grinder and your swingarm will be good as new. I'm
betting the same is true for many other parts.
Ultimately, you will have to decide after you strip it down, if you have a parts donor or a good foundation
for a restoration. Either way, it's a start and you are fortunate to have very good vintage Honda resources
right there in OZ.
Just look at it as an adventure
dogger