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The coupler in that condition is never going to be salvageable. I would cut the shaft coupler off the shaft by running a Sawzall parallel to, and close to, the shaft. Do that twice, taking care not to nick the engine side coupler, and the rusty part will fall off the shaft with a bit of inertial persuasion (i.e., a hammer). Then cut off any lingering bolts.
Save the wire wheeling for the shaft once you get the coupling off. Then replace the coupling with the Moyer split coupling - that is exactly what you want if you need to mess with the coupling to get at the packing. (Also consider replacing the flax packing with Teflon packing.) Smear antiseize everywhere there is metal-to-metal contact, and the coupling will probably never need to be replaced.
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