Looks salvageable to me. I have a Lemon Zest Mango tree on Florida Turpentine rootstock that has that, not as much as your tree, only a few spots where that sap is coming out. I never found out exactly what it is but I assume it's caused from an imbalance of plant hormones and cold weather.
Do you have any parts of your tree that that is girdled by a label, plant tag? How cold does it get when you are?
My tree is still doing ok considering that Florida Turpentine is not the best rootstock for where I live. How does the top of this tree look?
Simon