I'd repair it, I find this Weller has really good heat for general purpose soldering, compared to Hakko FX888 and chinese T12 clones.
The bent white wire is OK, you can check continuity at the mains cord, on Ohms with the power switch on.
Also, on the pencil see if there is continuity across the heater and magnestat switch. Just to get an idea of repair costs/parts etc.
One problem I see is lack of a primary fuse, if it was mine I would add one. I have WTCPN that came with such a fuse and it's vintage late 1990's.