Volvo Repair: 1991 Volvo 740, radiator hoses, coolant system

Question
I purchased this Volvo for $1000. I did not check the fluid levels. The water pump was bad,and I drove it approximately fifty miles without any liquid in the coolant system. It stalled as I slowed down at a traffic light. It was towed to a repair shop. They told me first that after putting a new water pump on that I may not have ruined the engine as previously was expected. When I went to pick it up we started it and let it run for a short time. The new radiator hoses began to bulge. They figured that I destroyed the head and it will cost me about $1300.  for parts and labor. The car has only 123,000 miles. Under the hood looks clean like a newer car. It was well maintained until I screwed up. I paid $1000 for it. Is it worth fixing or would I be further ahead to take my loss and sell  it to a junk yard? Everything other than the motor is in great shape. The repair shop is a general repair shop. Seem to be honorable people to do business with. They are not Volvo specialisis but are trustworty and skilled folks. Is it likely that I would have done more extensive damage that they will find if I tell them to fix it? I have never replaced a head. Is it a simple enough task for a rookie to try to do to save some money?

Answer
Not a rookie diy job. You should evaluate all of the cars needs and determine if you are going to keep it. What other repairs are in the forseeable future? Brakes, tires, suspension...You will have 2300 in a car that should be a reliable car for awhile if everything has been kept up to date