Hmmm...hard choice for sure. But I'm leaning towards new guitar. Upon arrival of my new upgrade axe, I was inspired to play more and was even able to pull some stuff off I couldn't do before. But then again, it's gotta get "electrified" to be worth much, so...
I'll echo the endorsement of Peavey, and the suggestion to keep it small unless you're playing gigs, should you decide the new amp route.