I'd refinish it. That thing's destroyed.
If you're cool with the cosmetics, make sure it's got a real block in it and put the stock 12's on it.
Just start from scratch. Use it as it was intended to be used and adjust from there.
Long time strat fan (i have 5)
1st - do you like the tone? Because if you do, leave it and be on your way
If not, there are lots of great pickups out there to test out
Kinman Woodstocks, Lollar Blackfaces & Lace Golds & Holy Grails are some of my faves.
Other than, can't really go wrong with a strat. give it some volume and girth with your amp settings.
I love a good loud strat tone.
Im not a relic fan, but thats still a fine looking fender
Play it for hours on end and adjust the pickup height according to your ears, not a ruler. See if there are things you don’t like about the playability and either adjust the saddle heights yourself or have someone do it for you. You’ll have to keep playing with the pickup height as the distance from the pickups will change as you adjust the action.