Holy Hose Freon Man!
Heres what you should do....unless you own all the proper tools SEND IT OUT & KEEP IT STOCK
The VIR MIGHT be salvagable but a full disassembly/ cleaning would be needed. All new hoses, the condenser & evaporator would need to be flushed and I would change out ALL o rings & schrader valves. I would exchange the compressor as well. Is the compressor one of the long style or the short fat one. There is a special long style compressor for corvettes ONLY.
Also now would be a good time to remove the blower motor and fish all the leaves, dead cat's etc. from the front of the evaporator.
The AC system is a big pain in the A** when the engine is in.. now is the perfect time to rework it. It will be about $800.00 in just parts to do it correctly and you MAY have to run it for a bit and change the dryer bag & screen twice just to get all the YUCK out of the system. AC systems (to work properly) have to be hospital surgical room clean internally.
If you send it in I'm guessing about 1150-1300. R-12 will also be a killer at about 45.00 a pound
( about 3 lbs per charge) Might want to consider
R-134.
Get a warranty in writing, bringing this back from the dead will be costly, but worth it.
Mike