Don't replace it with a conventional style HW heater. Get one of those that makes the hot water on the fly. Should pay for itself in a couple years.
as whammoed sed, it will depend, but the odds are with you that it will save you money.
The other benefit is that you don't have to worry about whether or not there will be enough hot water when running the dishwasher/shower/washing machine.
The downside is that there's a few seconds delay getting that water in the morning, as the water has sat in the pipes overnight and has cooled off, but that's with any water heater.
The costs you pay will also have to factor in the electrician you'll need to wire it in and install the heater. If you can do it yourself, the tankless kind is DEFINITELY the way to go.
That JBWeld may last you another 150 years, but I have helped with 4 flooded basement replacements, and you DON'T want to "hope" it lasts. If you're willing to "hope", start setting money aside NOW and replace it as soon as possible.