Welcome to the forum, Paul.
I agree with Bill in that this one of the most buffed Lugers to have appeared here. Somebody buffed the everlivin' jimpin', bald-headed Bejeepers out of this poor thing. Its nearest rival was an extremely buffed, chromed Artillery. One comment for that one was that it would be a great carry gun, what with there being no way in the world you could snag it, perhaps even intentionally, during a draw. Double that for yours!
You have three choices, as I see it.
Slap on a sound/safe barreled receiver (You could move your barrel to another barrel extension if a barrel with crisp corners clashes with the rest of the "motif.") You'll likely find help for this here on the forum.
There are those capable or re-doing the welded repair properly, which should make it safe again--give or take re-heat treating.
If you got the gun for free or if it's a family piece or even if you're just charmed by its unique character and want to shoot it, a few Benjamins don't seem out of line for saving it. It will be fun to shoot, but do not regard its rehab as an investment. It's your gun now, and the goal is to make yourself happy.
Choice three is to dump it on somebody with more money than sense, lol.