Its definitely worth forking out for Keith. All he needs is a seat tube replacement, and then a new paint job. You're looking at about £200 + postage if you get it done at Mercian.
Edit - just to clarify, the frame in the picture is in considerably worse shape than the OPs. His is steel, and the seat tube has snapped above the bottom bracket, but not at the weld.
Its definitely worth forking out for Keith. All he needs is a seat tube replacement, and then a new paint job. You're looking at about £200 + postage if you get it done at Mercian.
Edit - just to clarify, the frame in the picture is in considerably worse shape than the OPs. His is steel, and the seat tube has snapped above the bottom bracket, but not at the weld.