Known unsound code should not be merged, let alone released to production. If you have good enough tests and run them under MIRI or ASAN, maybe you can get away with it for a time, but most Rust experts would not sign-off on such a project.
If somebody put a gun to my head and told me to make the best of such a codebase, I would try to figure out how to turn off the LLVM optimizations that assume the Rust references don't alias. With these optimizations this codebase is scarier than most C or C++ code.