milano plug wires, distributor, coil, etc...

["William J. DeVos, A.I.A." <rflbill@domain.elided>]

Greetings Alfisti, 
Could I please throw myself on your collective mercy: My mechanic Scott (who
was the Alfa dealer mechanic until they left the scene) says my Milano has
so many problems it may not be "worth it" to fix.  Here's the situation:

-1988 Milano Verde
-195K
-Summers only for most of it's life, originally from VA, now in Rochester,
NY(summers only for last four years)
-had a timing problem last year, resolved in September and ran well until
parked in Oct.
-started without problem two weeks ago after spending the winter resting
-ran well until last week when it faltered as I was parking it one night and
now just barely runs, albiet on a few cylinders, with very little power.
-Scott says the wires are hosed, which may have ruined the (voltage
regulator?) and coil, the timing is off one tooth, the belt is oily from a
leak below and the catalytic converter may be plugged, which lead him to
pull the sensor which stripped when he removed it.  He estimates between
$1-to-$2K and says the car is worth about $1500 running.  (I'm hoping he may
be too close for accurate judgement)

I am strapped for cash right now, have the winter car back on the road, and
would like to attempt to right the car one step at a time, until an accurate
judgement can be made, or at least so it can be sold.  So the questions:

1. Has anyone ever REBUILT Milano plug wires attaching the resistor ends to
new solid wire, for less $ than a new ($125-$250) set?

2. Do you think Scott's right that the wires shorting could ruin the voltage
regulator and coil?

3. How would I go about testing each piece to isolate the problem?

4. Do you think it's worth it?  C'mon, I need some bolstering.

Sincerely,   
  
Bill DeVos
<rflbill@domain.elided>  
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