It's your money, you do what you want with it.
I'll concur with the suggestions to fly it and replace with V2 parts as upgrade opportunities arise.

When you get to the head, and bearings, it will cost you some money to convert to V2, but not as much as a complete used heli.
Download the manuals here and start your research of what is what and fits where: [link]http://www.acehobby.com/ace/manual.htm[/link]
If you don't want it and are looking to sell it, send me a PM with a price tag. I could be looking for another 50.
Rafael