I would recommend your last option, as well. Just be judicious/cautious about which "beater" you select. You don't want to be spending all of your available time and resources working on your beater.
I did exactly that recently. Got a 4WD for the winter (I thought). I went through it to fix all the problems (I thought), the then the auto trans. went out because the radiator failed and flushed the tranny with coolant --ouch!
Now I'm just selling the "beater"----and going back to working on the 41 ---which is what I want to do anyway.
Good luck!!