If you like the vehicle, then keep it... better the devil you know and all that...
I've just spent a shade under £4K on a new engine for mine - bought a top hat short engine from V8 developments, had a spare set of heads that I had on the shelf reconditioned by a local machine shop. Bought a whole load of other second hand parts to recondition (the RR is my only vehicle, so the more I had on the engine before it went it, then less I had to mess about with when actually swapping it!). I put in a Piper Torquemax cam, new rockers, shafts, oil pump gears, timing sprockets/chain, ARP head studs and a whole host of other parts. Put in a new radiator (Nissens) genuine LR thermostat, new flex plate etc...
I probably could have done it cheaper if I hadn't bought a replacement sump, front cover, lower inlet, pleunm chamber etc - but I wanted to have a nice clean set (which are all painted now too!) and as I said have as much rebuilt as possible to just drop it in.
Myself and a mate did the install over the course of a weekend (well, a long couple of days!) and I'm very happy with the result. New engine runs a lot smoother, has more pull on it and was well worth it given the state of the old one. No head gasket leaks, a couple of core plug leaks though (one was a coolant one which was the main reason for the engine swap... it was the excuse to actually do it!. all the liners are intact, no signs of slippage. The biggest wear on it (it had a shade under 119K on it) was the timing chain being really sloppy, and the crank being super easy to turn by hand (I'm guessing the piston rings are either coked up or worn).
The moral of my story anyway... I love the RR - I have done so much to it over the last 5 years of ownership (it's the longest I've owned one vehicle!) and have absolutely no intention of getting rid of it. As I say, I could have done it cheaper if I had the time/space at home to just do a 'refresh' on the current engine, but I figured that dropping a new one in would give it a new lease of life, and that if I had decided to not do it and get something else, then I would have gone for another P38 - and in this case, better the devil you know... I know what I've done to it, I know what needs to be done... I know it's intricacies, and it's still a lovely drive!
Each to their own - but I'd be overhauling it and enjoying it!