The noise will certainly be the rattle from the plates in the basket. The tolerance on the "tang to basket" is 1.7mm, and although it'll work long after that, the noise is the result.
The wear can take place in two places. The tangs themselves get peened over and the basket gets grooved, where the plates hit.
If the basket is OK(ish), then you can replace just the plates, but you will be lucky to get the "as new" fit, so the noise will still be there, albeit not as loud, and the wear to the plates will be accelerated due to the already increased gap between tangs and basket.
To be honest though, I've seen far worse than either of your two pictures. OLD YELLA springs to mind
Your options..............
Replace with OE parts. Probably the cheapest. £170 ish
Replace with OE parts but use the ST4S parts. Alloy basket and plates. A little more expensive, but seem to wear better and are quieter. £190 ish
Replace with aftermarket product. Alloy basket and performance plates. as above on the quietness, but with the added benefit of 9 friction plates. This'll give 4 extra friction faces to drive off. Quality will also be better. £250+
Replace with STM 48T basket and plates. A lot quieter and because of the 48T then wear and longevity are increased. There's effectively 4 times the drive area between the plates and the basket. Quality is second to none. £250 (at the moment)
Also check the centre drum for wear where the plain plates drive off.