To be honest mate it all depends…
If it’s structurally sound then it will be fine but without seeing it I can only comment on the obvious.
The axle needs to be up to it as does the drawbar.
You could possibly weld flat bar along any lengths that need ‘tidying’ ?
As I say, rust can hide a real weak point and or it may look worse than it actually is.
I had a tow ball on a Ute ‘fall off’ and it didn’t look bad at all.
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