While this is repairable, it is inconvenient and time consuming.... there is a hole in the tubing and this tubing involves brakes... The entire length of tubing is now suspect and should be replaced. Additionally, all the other lines under the car should be carefully inspected for corrosion and replaced if warranted...
For a vehicle this old, there will be no direct replacement items available but there are "form in place" tubing sections on the market....
Why, in Gods name, did you invest money in a vehicle (when your level of knowledge is quite apparent) without having it inspected by a reputable shop????
"There's one born every minute..." - P.T. Barnum...