I have a 1988 Cutl Supreme (2-door Coupe) 3.1 Liter -V-6 w/ poss blown head gasket. Can I replace gaskets?

There is also a blown-out "freeze-plug" in the back bottom of engine. What if I get down to the heads, and their "warped"?? Or the block has a crack of some sort, would it be worth taking apart as an Automotive Student, in his 1st year of school, or???? The body is in good condition - outside of the rear left shock & mount rusted out, but is the car worth salvaging as a work in progress, or should I scrap it?? Thanks a lot.