Personally for me it would just be good scrap, maybe I'm wrong but it isn't really worth repairing.
They are at there cheapest now, certainly in the UK where I am. You havn't said which model it is so I presume it's a 360 PHAT, get another the same but a Jasper, the last PHATs or even a Falcon which are OK too and start over with your old HDD, ccontroller etc.
Another tip would be to be aware of which DVD drive your RROD unit has as this could be used in the future, you can tell which brand with a guide online, most have a visible wire viewable through a hole which tells you what it is before you try and open it.