Repair - 1980 Yamaha FG-512

I bought this on CraigsList yesterday.  Yea, I said no guitars this year.  But I've been itching to build a smaller body version of the wide neck YamaXL, which would be called the YamaXLjr.  I need another vintage 12 string FG for the neck.  I saw this and I thought it would work. It has some nasty looking drop damage to the lower bout. 

You can read the details and follow the progress here.  yamahavintagefg.boards.net/thread/257/1980-yamaha-drop-damage-reset