Thank you all very much. Sorry, I gave a very rough estimate on age and was off!
The biggest difficulty is that we need a working bass soon. The Kay needs major work before it comes alive again--not to mention it's my first bass project. Violins are my forte.
The need is for a sturdy inexpensive bluegrass road bass, to be owned by the band, as a backup to the magnificent vintage one owned by the bass player. It needs to be able to survive the wear and tear of the road and the (heated) cargo bays of the bus, and late night jam sessions in the tents on wet or cold nights, etc.
I do personally like the Kay. The scroll was broken off, and there is also a large crack across the heel of the neck. The problem is that apparently there was massive damage to the whole neck, which was filled with wood putty and varnished. Of course, it didn't hold. I don't think there's enough real wood left to do anything with. The scroll and fingerboard are still very nice, so I'd like to salvage those and just buy a neck with grafting block. I did also check out Gollihur but haven't contacted them yet. I'd like to know if they have the neck without the scroll. I don't know--maybe we're better off scrapping the original scroll but I like to keep it as authentic as possible. Even the tuners are still working fine on the original.
The body has a lot of wear and some separation of layers but not anything too serious. The top needs to come off for some internal reglueing but it's already half open.
So there is the situation!

Thank you all.