it looks as though it may need a rebuild/full refresh
you could just fix/replace the timing gear and clean it all up/strainer etc and try and use for a year-but would cost you twice the work and two full gasket sets
i suppose it would come down to the price of the gaskets really

ideally if you can feel a step/ridge its a rebore,check crank,new main/end shells oil pump head and timing gear overhall etc