Cast Iron Drain in cement floor need replaced?

I removed the grate from my cast iron floor drain (in basement) and found that the internal cap (mushroom shape) had rusted off and was just sitting in there. What's left is the cup with the pipe in it and the grate. It looks like the trap is in good shape as there is some standing water visible in the pipe and there is absolutely no smell of septic gas.
My question is this - if this drain is in an old shower stall that I want to use while remodeling the main bathroom, is it ok to use as is? Water seems to go down properly and I got an initial estimate of $350 to replace. I don't want to have to remodel this bathroom so that I can remodel the other.
Thanks in advance...
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It will probablyt be ok, but the worst rust in under the normal standing water. My 50 year old 4 inch pipe was so rusty a snake wouldnt fit thru there.
Just sop you knpow the condition I would use a wet dry shop vac to remove the water, and take a look, that pipe is likely less than a inch opening it the other piece rotted off.
its a lot of work but can be replaced DIY with plastic, that will never rust
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