Waterman safety pens are, at least IMHO well worth the restoration. In fact, I'm searching for one right now. When fixed they are airplane proof always wet writers with an amazing ink capacity. Yours looks like it might need some nib work on top of the cork seal. It seems that someone in that poor pen's life forgot to retract the nib before recapping

Good luck with it
Oh, and let me know if you want to get rid of it