Is it possible to save this old Southern Magnolia Tree?

[sfincher]

I have this old southern magnolia tree in my front yard that we think might have gotten struck by lightening years ago when the previous owner lived here, but we’re not positive. It looks like one side of the tree is dead and the trunk looks terrible. Is there any hope in saving this magnolia?! I’ll be so sad if I have to cut it down!

 

[Bullseye T&L]

That trunk defect is causing the thinning canopy. No matter what you try to do, I don't think the trunk would heal fast enough to stop the canopy from dying back to nothing. I would just take it down. As it stands now, it's a hazard having all that growth over the driveway. The trunk could break up there in that defect at any time.