It definitely sounds like a bricked hard drive. Whether anything else is also toast is questionable, although your description sounds much like a TiVo whose hard drive is dead, but is otherwise functional, for what it's worth. The blank RF output is a bit puzzling.
An S1 TiVo is a pretty old piece of equipment. If it were functional and still met your needs well, then I would agree that choosing to not replace it would be a reasonable decision. If you can easily afford an upgrade, then if you ask me the only reason to try to resurrect the S1 is the fun of tinkering with a box whose total death (in the event of a bad mistake) is of almost no consequence. If you do find that sort of tinkering to be fun (I do, myself), then at most you are only risking a few $, and there is a reasonably good chance of success. If you think the experience would be more tedious or painful than fun, then I see no reason to continue down the resurrection path.
An S1 TiVo is a pretty old piece of equipment. If it were functional and still met your needs well, then I would agree that choosing to not replace it would be a reasonable decision. If you can easily afford an upgrade, then if you ask me the only reason to try to resurrect the S1 is the fun of tinkering with a box whose total death (in the event of a bad mistake) is of almost no consequence. If you do find that sort of tinkering to be fun (I do, myself), then at most you are only risking a few $, and there is a reasonably good chance of success. If you think the experience would be more tedious or painful than fun, then I see no reason to continue down the resurrection path.