is it worth fixin

well let me tell yall a story, it goes like this. friday night i was takin my wife out and opted to drive my recently aquired 2000 GT mustang , it ran great all evening into the night, until i made a left turn at the light that was green and i was in 2nd gear i swear i wasnt in or anything, when allof a sudden rattle, clik, clank, bang bam, then nothing. i tried to restart but would turn over (locked up). the car is completly stock but the exhaust. here are some pics, tell me what yall think. its the #2 cylinder, the cause was it broken valve spring.

ya the block i havent had a chance to mic it but im almost positve its gone, it has some pretty deep galges in it. iv pondered the thought of a 3v but i think itll be much more than i anticepate gettin into. ive talked to a gentlman who has a 98 cobra motor with a bad head for 500 bucks. so i thought bout lookin for a replacement pi head. then slappin it and the other good one i have on the cobra bottom end, then later on down the road doin a turbo or s/c. what you think people?