Only you can be the ultimate decision maker as to whether to carry on with the car or not. It all depends on the overall reliability, its condition, body and paint wise and generally how happy you are with it (other than the gearbox).
I am no expert, having only owned my first Jazz for 11 months, but it is my understanding that the gearboxes just get more and more noisier but don't fail. Mine is getting noisy now, but as long as the CD player is able to drown it out I will keep going! Regarding a refurb or a replacement, it would appear that in some cases the whine starts at fairly low mileages, so you could get one, install it, and find it is not much better than the one you have already.
I have had old, high mileage cars for 50 years now and have never needed to replace a timing chain. Is your chain noisy? Are you sure it is not just the valve clearances needed tended to?
Having run many old cars to extinction (a newer car for me is always a "distressed purchase") I always let my experience with the car be my guide. If I have had no real problems with it, it starts and runs reliably, the bodywork is clean, tidy and rust free, then I do necessary repairs. Better the evil you know is my adage.
Brake discs are not particularly expensive (you can get discs and pads for about £30 a pair) less than a tyre. I certainly wouldn't replace a reliable car if it needed a tyre!
Ultimately however, the only one who can make the decision is you. I am sure many, more informed than me, will give you their opinion.