Well you haven't mentioned what kind of shape the rest of the car is in.
I say this because if you decide to repaint, you're potentially opening a Pandora's box. First it's paint, then the engine doesn't look so hot, so it's re gasket and repaint. Then new brake and fuel lines etc. Then that could lead to an interior redo. And on and on.

If the engine and interior are good to go, I say go ahead and repaint it.