If I wanted a silly project I'd absolutely grab that and make some dumb weird shit, sounds like the frame is wrecked but maybe you could wreck it worse in an amusing way, cut the whole split out and weld in a vintage toaster oven or somethin.
just a thought
but if I wanted a moped and didn't have one, this is a terrible 1st bike. If I had a bunch of mopeds and needed to fix some of them (always) then this also seems like a bad deal when time effort and money are better spent on pretty much anything else. but for a dumb pile of scraps that you don't have to feel attached to cuz it's cheap and you can do something extra funnie with, hard to beat a $100 haul