I Would personally get an insurance claim. they should pay for it (- the 100 deductable, or so) and they will either give you the choice to get the car fixed, or if its bad, they will just give you money.
DO NOT CUT THE CAR IN HALF UNLESS YOU HAVE A BODYSHOP TO WORK AT
i work at an autobody shop, and to cut a car in half, pull it off, get another back half, get things lined up (properly) weld the back end up, bondo it to look good, sand the back end, re-wire it, primer the back, sand it again, then get it painted is more work than you ever want to do.
just fixing the front on my car (no cutting) took well over 200 hours for me to do, and thats with only 2 places to weld, bondo dents, get front lined up, primer,sand,paint. if i were to do it again, i would have just spent the extra money to get a car that didnt need that work.
you will have tons of respect for the car if you do it yourself..
its your choice
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1988 Mustang GT, T-5
3.08's, No Smog Pump (Shorty Belt), Dumps At The End Of Stock H-Pipe, K&N Air Filter (Stock Air Box), Removed Air Silencer
My Stang
My Site (Not Done Yet)