Possibly repairable if your friend is that way inclined.
There is a forum member (Chris?) who bough a P-Series (I think) Ritchey off here (from Scant?) with similar issues - though not as severe.
His local frame builder was able to repair, but I think the rust on his stays were more pin holes than actual holes as appears the case with this one.
It might be worth a visit to a frame builder in any case to see what they make of it.
But, would only be worth it if your friend was likely to look after the frame following repair!
BB