old acoustic, worth fixing??

Hi, this is dirrectly related to my last post. I have the chance to buy an old Brazos acoustic guitar for cheap, made overseas, most likely from the early 1980s. It is filthy, and needs work. I can clean it up, but what worries me is the very high action. Please take a look at one of the photos. With action this high, I fear that a simply truss rod adjustment or shave of the saddle will not do, so I guess what I am asking is, is this worth a neck reset? I cannot do that myself at all, so I would have to pay a luthier, and luthiers here in Massachusetts USA charge alot of money.

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