Hey I would get that HFT tool for $50 but I don't think it's worth $90. Here's an equvalent KD tool for $75 (Taiwan, maybe it's the same foundry as the HFT Tool):

http://www.thetoolwarehouse.net/shop/KD-41690.html

With the other responses about an old car being a manageable expense if you do your own work, I would like to add that it's optimal if nobody ever did major repairs on the vehicle, or crashed it, before you get your hands on it.

$1600 doesn't sound horrible for a major cut, weld, and paint, did you get a new windshield with that also? What shop did the welding work for you, how did you find them, and are you happy with their work?

The steering rack leak presents you with an opportunity to rebuild the rack, check for worn joints, hoses, replace seals and fluid, and never worry about steering until your yearly general inspection. At least this is one area there will be no more surprises from, hopefully, you have time for this and enjoy this as a hobby.