Damn fine job on that image Roy!
David, you'd be amazed by how much you can do digitally to restore an image that appears to be unrecoverable. There are one or two groups online that stage informal competitions to retouch old photos and often they're even older, like the ACW (some even start with images of the glass negatives, not a print, and these can appear to be nearly a featureless black).
But you really have to begin with as good a scan as possible, at a high resolution - it's been a while since I was involved in one of these but a few years ago, long before broadband was common, the comps would start with pics that were maybe 1000 pixels wide or thereabouts; you need that large size obviously for the detail that it provides. Any chance you could scan it about that big, save it as a TIFF; I think it'll be much larger than you can upload here so maybe upload it to Photobucket?
Einion