I'm a trained bookbinder. I've restored nearly 100 books. Some as old as the 17th century.
Restoring this book would be difficult and time consuming.
If you want to keep the book in the original binding, the corners would need to be repaired. That's time consuming work and would require brand new gray cloth to be placed over the repaired corners. Finding the right color would be a challenge and if not available, white cloth painted the precise shade of gray will do.
Next, the spine. It's gone. That's bad. If the spine cloth were still there, you could re-back it by reinforcing the sewing and then laying the spine cloth over it. If the sewing is broken and the signatures are slitting apart, then resewing the book would take another hour or two before the spine can be rebacked.
Basically, after the work is done, the book will look a lot nicer and more presentable, but most of it won't be original anymore. New cloth around the corners, and new cloth over the spine.
You could also rebind the book entirely, with new sewing and new cardboard covers. Then you can pick a nice cover design, perhaps leather.
Taking the page out with a razor and tipping it in to a better copy is the fastest way. This can be done in minutes. However, the discoloration of the paper will make this transplant obvious and may not be visually appealing.
In a case like this, rebinding it may actually increase it's value.
Are the page corners chewed up like the covers? If yes, then transplanting the page may be your best option.
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