"The POST took longer than usual..." just means that, during the POST process, the system tired to access the drive and failed, then re-tried many times before giving up. It does not mean it had partial success.
I am not sure whether Seatools can examine a WD drive properly, so you might try downloading the WD utility Data Lifeguard. Start here:http://support.wdc.com/product/download.asp?lang=en
to select your HDD model and get the right version.
Personally, I prefer to get the "for DOS" version. Usually you download an .iso image file and then have to burn it to your own CD-R to create a bootable optical disk. You can boot from that disk completely independent of any OS (even if your machine's HDD's are not working) and it will load its own mini-DOS into RAM and run all the utility's tools from there.
That said, I agree the prognosis is poor - it does appear the old HDD is dead. Good luck!