If it was me, i'd look into repairing what you have. i sent a torch and cutting attachment to these guyshttp://www.regulatortorchrepair.com/
They did an excellent job: assessed the torch, then called me to say what work they would do. You can probably call with your torch info to make sure they have the parts. They added a cutting tip for free.
As i recall the cost to repair the torch and cutting attachment was about $100. Since your neighbor is willing to kick in $200, sounds like a repair is under your budget. You say the torch looks a little rough now, but it comes back looking like new.