I agree that it is often very difficult to tell the real condition of anything from photos. But that weld does seem very peculiar! Still fixable with minimal difficulty, and if it were mine I would possibly think about galvanising once it had been tidied up, as there is no other real way of getting rust out of the seams and getting good corrosion protection in. A chemical strip and E-coat by someone like SPL would probably cost as much and not be so good.
But it will be good for a few years at least with just a decent clean and paint, with plenty of Waxoyl.
I wouldn't advise galvanising an old rusty subframe to be honest,especially if theres rust clearly in the seams, before dipping in the vat they require you to sandblast the part to be dipped to get rid of paint, rust, grease ect... and its completly not viable to split the seams and clear them out as best as possible as they'll close up due to the heat and either leave a bare metal cavity or you will be left with a chunk of galv in them and unable to close them back up with hammer and dolly or similar like you'd do in bodywork terms.
Just a few niggles i though id address from having had this done before, in the pictures i'l put below you can see the seams "Popping":

Something that you'll have to consider also if finding some UNF taps to re-do the threads, seems there arnt many companies selling imperial:

Here you should be able to see the seem area:
