I know how you feel. I'm trying to save my quadra 700. I'm sure you'll see the thread. The corrosion on the chip does look bad. But that doesn't mean it's not working. It's possible. And there are always doner boards taht are dead completely that you can use for parts. You've got a lot of cleanup to do. Feel free to pm me for advice - as I'm in a similar situation except for a different model. It might turn out in the end to be non recoverable - but I had to give it a try.
To get this working you're going to have to deal with missing parts (at least I am), broken traces, via corrosion, chip /pad corrosion (meaning you'll have to remove some chips, clean them up, resolder them and hope to god that they still operate normally, or replace them alltogether if it's non apple specific.
I guess the real question is how much time are you willing to invest into it. Repairs like these aren't for the faint of heart! I wish you the absolute best of luck.
I feel your pain.
Well I made it out to check on my macs today. One battery explosion and of course it was the IIfx. Any chance of repairability?