If I leave the existing ring, I also leave: Existing compression nut Existing Escutcheon ring (pretty chrome ring which conceals hole in wall)
The nut and ring are heavily corroded - they are ugly enough to mandate replacement, even if the valve still worked.
IT’S A COSMETIC THING
They make escutcheons that you can put on after the fact, so to speak. You’d have to somehow cut the old one off. Of course that still leaves you with an ugly nut.
Yes, they’re split so you pop them on. Take cleaner and make ugly nut pretty. Or paint it with ugly nut paint when you’re finished.