I wouldn't either. Not to say I wouldn't do a little repair work on it myself. (Nothing drastic or expensive though.) Maybe glue and clamp the side and bottom back together, etc. As far as the action, there's not a lot you can do short of a neck removal and reset, which is expensive or time-consuming, especially if you haven't done it before. (The term "Steel Reinforced Neck" is basically just a way of saying "We didn't go through the expense of having a truss-rod, just a little bar dropped in there to help a little." Which is what a lot of Harmony and other entry level guitars say on them.) (A lot of them were made by the same company and just had different labels put on them.)
If it has a decent tone you might wanna use it for a dedicated open-tuned slide guitar, on which high action is often a good thing. If the tuners are okay, good. If not you might wanna buy a cheap replacement set ($10 or so), but I wouldn't spend a lot on it.
But you can't beat the price!