If you want to take the time it is definitely possible to improve the video, but in my opinion I don't think it is possible to completely "fix" it. Because your source has problems on top of problems. For many of the problems you could use mvtools2. Read the documentation (thoroughly if it is your first time) and at the end there are some examples scripts that could be of help.
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To recreate bad frames by interpolation with MFlowInter:
Code:
super = MSuper()
backward_vectors = MAnalyse(super, isb = true, delta=2)
forward_vectors = MAnalyse(super, isb = false, delta=2)
inter = MFlowInter(super, backward_vectors, forward_vectors, time=50, ml=70)
# Assume bad frames are 50 and 60
trim(0,49) ++ inter.trim(49,-1) \
++ trim(51,59) ++ inter.trim(59,-1) ++ trim(61,0)
I did some quick work so you can see some possible results. The pictures are attached (note these were done at 3 am and I am tired).