The only realistic way to salvage this if you are serious about bonsai is to chop it, indeed. If done well, the wound will heal over and in 5-10 years you will not be able to see the chopping site, unless very experienced.
For me, I would however not just chop. Your tree has one extreme loop. Above that, thew plant is OK. So in spring, I would air-layer the top, just above the weird loup in the trunk. After the layer has been separated, you can explore the right angle of planting to see whether you can keep most of the rest or whether a lower chop is needed.