Run her till she blows. Looks like hell in spots but these damn things are tough. May give you another 100,000. You can definitely sink some money trying to fix one though .
I bought a 94 p/u for $300.00 6 months ago that would not start ,bed fender and bumper were damaged and had chunks of mud filling every crevice in the frame. My son and I traced all the electric ( retarded PO hooked jumper cables up backwards) and mechanical problems made the repairs and she now purrs.

 

I would say...do one of the options. or something else

 

what????