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Double Bass Neck Repair/Replace?

Hi all,
I may have the opportunity to aquire an okd Kay bass for a song. By song I mean either free or maybe just a couple hundred dollars. The neck on this bass is cracked at the heal so it is not playable at this time. It has also already been repaired once as I can see the fingerboard has been drilled and dowled. The body however is in perfect condition, No cracks or seperations of any kind. The bass is a C-1 model and the serial # dates it to 1957. I currently am an electric player but have been wanting to get into UB and this seems like the perfect opportunity. My question is repair vs replacement costs. I don't want to put money into a repair only to have to deal with it again sometime in the future. What would be a ballpark figure to get the neck replaced and have the bass setup so it has a decent action for jazz. I live relatively close to Portland OR so if anyone could suggest a good luthier, that would also be helpful.