Worth fixing?

Hi, I have an 89 XJ Limited that I got for cheap and was going to sell it instead of fixing it as it appears to need more money than it's worth but I'd like to get an opinion on it.
The issues it has are as follows:

Rust(Very bad,rocker panels cut out by previous owner,rear lower 1/4 panels cut out due to rust,wheelwell separated from body due to rust)
EGR valve is dead(if vac is applied it stalls engine instantly)
CCV system is nonexistent
Engine block is covered in oil(Could be valve cover gasket,ccv or headgasket or a combination of any)
Lights are iffy(drivers brake light doesn't light but running lights do, running lights don't always work,needs replacement driver headlight,pass rev light doesn't work(could be bulb)
Needs 4 new tires as whats on there has about as much tread as your average top fuel cars rear tires
Some holes in floor but not as bad as I would think(have not checked the passenger area though)

SO basically to sum it up it doesn't really seem like its worth it to fix it up but if I can get it to just work as a DD for minimal money than I will as I need to save up some money before I can purchase my next vehicle.

The only reason I'm considering fixing it is I already own it and it is really all the things I want in a vehicle with the exception of gas mileage.
Does anyone have an opinion on whether this would be a good idea to try and fix or should I just part what I can and cut my losses and scrap it?

Thanks

Look around for a good body and swap the drivetrain. I see them here with blown motors, etc for under $500.

Agree. Buy another XJ that's in better condition and keep the '89 as a parts donor.
The '89 sounds like it's going to be a big money pit that'll do more than Just Empty Every Pocket.

I agree, though XJ's are quite tolerant of rust, and rocker panels and floors are a common fix, I think if the quarter panels and wheel wells are also that far gone, you're fighting a losing battle. This looks like a strong donor vehicle. The EGR is not a big deal, and it can run forever without a working EGR. The CCV is easily put back together, and many of the electrical problems may be due to rust too. An oil-covered 4.0 is pretty common too. If you were to do a transplant, you would have that engine out on a stand or a bench, and could do gaskets and seals easily. I'd look for a reasonably solid one with a bad engine or tranny or very high miles, even a junkyard one.

Of course if you find that it's structurally sound and don't mind the awful appearance, you could also fix the bad lights and throw some tires on it and it would probably go for a long time anyway, but it seems as if you'd do better to get a solid one as a starting point.

Thanks for the suggestions so far guys. I will look inot finding one with a dead engine although its not easy to come by as the 4.0 isn't an easy engine to kill. I'm considering just either fiberglass clothing the hole or riviting a patch in then sealing it up as to keep exhaust fumes and some road noise out. I know its not the best vehicle to try to do it but for right now it's all I have and I can't really afford to purchase another vehicle right now thus my logic for trying to fix this one. If I do decide to do this then my main money concern will be tires followed by bodywork and for work it will be body and electrical. Also on that note what should I look for in trying to fix that brake light issue?
Agian I'm not planning on having this for a long time just long enough to save up enough to buy the car I want and then it will either go to the scrappers or be used as a secondary off road only vehicle(chop time ) It basically only really needs to last me about a year maybe less depending on how much I work and how much I can find my next car for.
I will keep an eye out for good body bad engine cherokees though as that seems like the most economical way to go about it(and I can get a cheaper lower model and swap in the leather stuff )
Thanks for your help.