How hard are you planning on using it, and how's your still at welding cast steel? That's how I'd look at it... since I could never get the hang of welding cast, I'd pass on it, but someone else may be able to pull it back to life. Also if you're not pulling 100 tons instantly from it, it may last considerably longer than something used to press in bearing races.
My question is what it was doing when the frame cut loose. That may tell you if it's worth saving as a worker, or if it's relegated to the yard art category.