Replace or Repair Engine

I  own a 1998 Jeep Cherokee Sport 6
Cylinder. I recently purchased  this car with
182,000 miles on it. I had the heater core
replaced by an auto shop. Driving about 5
miles from the auto shop after the repair, the
Jeep “blew up”. Apparently the mechanic
never reconnected the hose correctly and
coolant drained out, causing the engine to
overheat. Smoke and steam gushed out of
the engine. The auto shop said they repaired
the engine but it never ran well and had high
gas consumption. I took it to another auto
repair shop and they did a wet and dry
compression test. Three of the cylinders were
operating below the minimum compression
rate. The 2nd  mechanic told me I should get
rid of the car because it would be a money
pit or get the original repair shop to put in a
rebuilt engine or an engine from a wrecking
yard. The 1st repair shop said they would put
in new rings into the pistons.  I have offered
to pay $1,500 to remedy the problem. Should
I accept the mechanic’s offer to replace rings
on 3 cylinders or insist on another engine?