I would recommend having the entire yearbook deacidified to help preserve the yearbook. You can always fix the binding later, but at least it won't deteriorate any further as long as it is handled/stored properly. If you do have any additional work done on the binding I would suggest maintaining the original binding as much as possible and having the restorer replace the missing/damaged areas in a way that match the original. I personally like preserving as much of the original as posible. If done properly the restored areas would be almost indistinguishable from the original areas.
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