Not at all. Other than some mediocre-looking rust on the tongue, I haven't seen enough to determine whether or not it can be saved, (and having no experience with steel, or structural engineering, I won't be making the call anyways!) That will be left to a trustworthy professional.
Since the frame is the foundation for all will sit upon it, and since I'd like to put the tow vehicle in drive without ever giving a thought to the structural integrity, I'd rather skip a few amenities for the time being, if I need to put more into the structure. I'd rather camp in an empty, yet rock solid trailer than a well-appointed one with an iffy lifespan.
On the powdercoating: I feel like I've heard enough about it that I'm certain if applied properly, it would be a prevent virtually any problems down the road - ever. Now, once I start piercing that outer layer with screws and such, who knows? Maybe that comprimises the whole thing, in which case I'll probably go with paint like everyone else. There's something about a silky smooth, glossy tongue to match the polished sides that sounds attractive to me.
If it's in too bad a shape, I'll have to have a whole new frame fabricated. In the event that's necessary, I'll go on a short trip, and ask that one of you tell my wife all about it.