Looks repairable if that's all that is wrong with it. Find someone who knows what he's doing, not some some Bozo who's going to blow holes in it with his Mig
I'd go with a patch as well although you'd have to be very careful with welding as you've no way of knowing how much of the tube wall is left on the inside so it would be all too easy to blow through.
That isn't a location I'd expect to see accelerated corrosion, so if it's perforated there I'd assume the remainder was also thin. If you do successfully patch it, I'd consider that a temporary repair to keep you on the road while you locate a replacement pair of manifolds.
