Heck no dude rubuild that sucker!!!! I got a 91 250X and I love it!! post some pics let us see what it looks like. rebuilding is easy and not really that expensive just shop around. try www.bikebandit.com they have every part for your quad.
This is a true statement....my quad sat for over a year. now it's parked agian, I got other obligations right now, I am trying to refit my front end with 400ex A-arms and 450r shock set-up so I can't even putz around the yard.
For the stripped bolts... you can get a bolt kit like red said for cheap and if the hole is stripped you have two options 1. Retap to a larger size or 2. helicoil them. Good Luck.
My buddy bought a raptor 660 that didnt even start, not knowing anything about it, we tore it down and rebuild the whole thing, as a learning experience, now that thing starts like it's off the showroom floor, and he spent less than 1/2 of what the going price is for those right now.
Where are you located? If you in michigan I'd be willing to help you out, my garage is the local atv/powersports DIY shop.