I've been a member of this forum for a while, but have only needed it for reference, up til now

Back in May I bought Colin, a 1982 2.0l air-cooled T25. He has always run well (except for when the brakes failed...in that circumstance, he ran well, but didn't stop well).

About a month ago, Colin was turned over and made a noise, not unlike a tractor/bag of hammers. So, we turned him off and called the garage. Turns out the oil reader was wrong and he had been run without oil. Oh dear. He and the engine are now at the garage, and we have been advised to get a new/re con engine. This has been quoted at £1,500, without VAT and fitting. The final bill would be around £2,000.
What would you all recommend? Do I go for this option, or should I get someone to re-con/rebuild the current engine. I've been told that the heads are fine, but the main bearings will need replacing amongst other things (I think I have it all written down somewhere).
Is £2,000 all told a good price? Please help!
(By the way, below is a picture of Colin the Wonderbus in his current glory livery. Apologies for the large images)
