I attach picture of my condition.
Yours actually doesn't look that bad, yet. But if left untreated, eventually it will fail.
Doing anything is better than nothing; even just brushing engine oil into the cups & obvious rusty bits will likely get a few more years out of it. Do the sump as well while you're under there.
The other solutions are all in this thread, and depend on how much time/effort/money you're prepared to throw at it.
Anything involving a painted finish requires full dismantling and very thorough metal preparation, or it'll just look good initially but continue corroding under the paint.
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