My daughter inflicted serious damage on an 1992 Eldorado touring coupe a year and a half ago (but she ripped the rear bumper clean off the riceburner she het

)
The insurance company totaled it; we deducted something like $460 from the payment to keep it with a salvage title (the damage they identified was somewhat less than book, but they were [apparently correctly] concerned about more damage).
Anyway, we repaired the damaged lines, but left the body damage for later. Now the mechanic has told us that the engine has seized due to gasoline leaking into the oil, thinning it.
As much as we like it, the car certainly isn't worth the new engine suggested as necessary. Is there any other hope to save it? (It still would need a new hood, right ender, body work on the front edge of the right door [and therefore probably paint and blending], electrical repairs for the right door [still collision damage], and power window repair on the driver side).
Or should I just take what I can get for scrap value ($100? $200?) and use the rims and (new) tires to roll the '72 Eldorado convertible in the garage in and out while I restore it (its tires are shot, only 3 hold air, and in the desert, tires fail of dry rot long before mileage is an issue)?
hawk, losing one of his toys