Ahh...
Yup...Those tubs can do that. Mine was full of rust and debris. The first few times I ran it the water was instantly an orange color and little chunks of metal would show up in the lint pan. Turns out the balance ring had rusted through just like yours Ben.
Luckily, Mark in Roanoke had similar machine that he was parting out. He let me take the tub out of that machine so that's what I use now. It is completely rust-free now. The only thing it's missing are a few of those clothesguard clips that hold the wire clothesguard on. Not sure what happened to them but if you part it out I could use a couple of those.
Finding a tub for this machine would be very easy though. It's just your standard tub size. I have a couple of spare boots as well if you need one to stop the leaking. I have a feeling if it spins then it's going to work fine otherwise. These machines just never quit!
By the way, could you tell me how to decode the serial number on the washer and dryer?
Let me know if you need anything!
Jon