Part of good woodworking is fixing things. What's the alternative? Destroy it? I love projects like that.

You could fill those large gaps, sand it and off you go and make it into a very usable and fun canoe. If you don't want a canoe than give it to someone who will appreciate it. I would love to have it. I want a canoe but been too lazy to start one. Only you know if you can sand it and I'll bet you can with a ROS. Bottom line here is its a gift. No cutting strips, no cutting and setting up forms, no buying cedar and with some fun / work you'll have a very welcome canoe in the family.

And I don't doubt you could make it into a real beauty.