Is this Optical Drive worth keeping, or should I buy a new one?

It uses ide which has been obsolete for nearly a decade so you won't find it on any modern mobo. Dvd drives are cheap, usually found around $15 so isn't a big deal but you could go with no optical drive. I haven't had one for 5+ years, everything can be obtained through digital distribution or usb. Or even go with a usb dvd drive for the same price.