What chewed that one spindle? If it spun a bearing, I wouldn't use it. If it just had a touch of rust, it should clean up. I'd slide a bearing over the section on which they will ride and see how tight they fit.
I don't know exactly what happened to it, I pulled it off my car about 5 or 6 years ago. When I bought it, I started going over the car looking for issues that would need to be repaired or replaced and when I got to the brakes I pulled the wheel off and it had a crap load of play on the rotor. Pulled the rotor off and that's what I found. Strangely though I don't recall the bearings being bad on it though....of course that could just be my foggy memory too....