I feel your pain, Dude. Here is what I think. If you really like your car, have the guy put on a new timing belt and see if it runs. But make sure you don't pay him too much for this job. It shouldn't take more that 300 bucks (that's what they quoted me on my 93 Infiniti J30, and my J was a V6, so your job should be even less than that).
If it does not run with the new timing belt after he puts it back together, I say forget about the car - put it in the paper as not running and you'll still get some money from some freak who wants to mess with it.
I used to have an 89 Ford Probe GT Turbo. Neat machine. I overheated the engine. Took it all apart, the whole head and all nine yards.... (big job). It never ran fine afterwards. I sold it as not running for 650 and the car was worth about 1500-2000 (only 109k). I didn't want to pay any more money on guessing what the problem was again.

Good luck
Chris