I'd vote as well for it as a parts car. If the engine turns, it's worth something, at least. Depending on your local market, $200 seams reasonable. For comparison, I paid $900 for a (mostly) complete Midget with a running engine and almost no rust. This was a decent, but not great, local price. If you have a market for the parts already, it's probably a worthwhile thing. As a money maker, it's probably not worth the effort.
Spridgets (Bugeyes aside) just aren't worth that much money even in perfect condition. While I hate to see one die, it could prove to be a pain to get rid of the bits.