Hi Jordan.
That relay looks bad, but it came from the era when a lot of things were rebuildable, particularly electrical items like motors, generators and a host of different types of coils.
Is there a competent electrical shop near you doing that sort of work you could take the relay to for an honest evaluation? If you could carefully clean the frame assembly and free up all the hardware, could the core and coil be repaired/rewound by them to original specs? Asking usually does not cost anything and if they think it can be saved, then you know the time you then put into cleaning it up will be worth it.
The other possibility is that the relay from the Otter may have seen usage in a lot of other GM vehicles in the 30's, 40's and 50's, as a stand alone item or built into a fancier regulator style case.
David
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