The pitting is ugly,but I dont think the visible pitting reduces the strength in any material way......provided there isnt pitting inside the ring,the action is usable.......large ring actions have lots of steel in the ring..........From the ring back is mainly for function,and doesnt affect strength.In a Mauser the ring is multiple times stronger than the bolt lugs,so the bolt is the more important part.......if I wanted to use it,I would simply fill the pits with a high temp filler,and get it coated........however the barrel might not want to unscrew.............if so,cut off ,bore out to about 3/4" and apply a few weld spots to shrink the threads...............................If you tig weld the pits,keep the heat down,and remember tig weld goes funny colours when blued.....even pale green and violet.