With sidewall damage that deep, I'd say get a new tire. Could be fine but what if it blows out at 75mph? Your safety is worth more than the cost of a new tire.
"Damage that deep!?" It can't go any deeper except through the belts. It's dead: you can see that the bead is busted, by the curve it makes at the rim.
Rim damage: I've had worse (finally powder coated gloss black as that is easier to repair/touchup). But my method was to use a very heavy grit sandpaper to take down the burs; then 200 grit to smooth out the lines; and finish up with 2000 grit wet paper (use lots of water) to polish it back up. Stay on the damage; don't get wild and sand beyond it.
The OE wheel has a clear coat and that goes away; but I found the polished bare alloy remained good throughout the winter: my repairs lasted longer than half a year without needing more buffing (at which point I did the powder coating). I'm sure there are more professional ways with more steps to restore a wheel. But my gauge is the "five to six feet rule": if you can walk past the wheel and nothing on it flags your attention, you're good.
By the way, wheel repair by a pro shop is expensive, and rapidly gets to the point where just getting a new wheel is better. I have a damaged TSW LR wheel: the ends of the spokes, ALL of them (rubbed up against a guide rail in a car wash tunnel: I no longer send my car through a car wash): and I used my matte and gloss black touchup kits to good effect: in a few minutes you could not see that the spoke ends are damaged unless you're looking for it.