Today a grow buddy showed me how one of his plants had got some stem rot that went right around the main stem, he chopped below it, so he's left with bugger all if the remaining plant stays healthy.
With your's, I am not sure if the rot area is right around or just on one side. But it looks pretty bad. The trouble is, your plant isn't really at the stage of good bud yet, it is still quite early and immature in its flowering stage.
If it was me, I'd probably let her go as long as she can while hoping she'll be advancing her flowers knowing she's going terminal. If you do that then try wiping with peroxide as not really anything to lose. And when she does die then chop her and let her dry. I prefer whole plant drying.