This is a tough one. For me and my Jeep VEX, which I love and have had for 20 years now, was a total when I got it. It was thrashed and a total fail from a wreck. Even the frame bent. I was driving a 1980 CJ7 with a failed 304 that I put a 258 in at the time I towed VEX out to the ranch in Montana, and also working on rebuilding another 7 and 2 CJ5s for resale.
As VEX evolved through about 2 years it ended up being my all time favorite Jeep I've ever had over 46 years of these things.
So, its subjective. I would never do this again, unless I had another VEX to drive around in. So, it is so subjective. If you have the interest and skill and money and time and there is a defined goal for the Jeep at the end, then yes, do it. If it is a burden and you have no Jeep to run right now--then, no, flee and get something that is at least off road capable.
I don't know if that is helpful or not, but I thought about your post and that is the best I come up with from my view.
VEX, today, 4-6-11, at 1,187,555 miles on 5, 6cyl. IL engines.
NICE!