Any plane can be repaired. There are some builders who save the data plate and build a new plane around it. That said, from what I see in the pictures it's doable. When I was building my first plane I started knowing nothing about fabric covering. I started by getting a Poly Fiber manual and reading it very carefully. Then I ordered some materials and. Built some jigs. After a couple try's I felt ready to start on my plane . The manual was very well written and explained the whole process step by step. The only thing I had real trouble with was tying that rib lacing knot. I purchased an early DVD and then that made sense. The point is.. you can make those repairs and do a good job if you are willing to take the time and effort. On the other hand...if you want to fly NOW go buy a plane that is ready to fly.

That belly...I would turn the plane upside down, remove the landing gear, then cut out the belly fabric and put on a new piece.
By the way ...what does IMHO stand for?