Look at this thread:
http://www.focusfanatics.com/forum/showthread.php?t=198819
I followed this and was done in less than 2 hrs. Cost was about $125. Timing belt does not need to come off a Zetec when doing the water pump, so save that til you actually need it.
Rear shocks are $70 and 2 bolts per side, all you need is a jack and an hour at the most.
Power steering pump, never done one, but should be simply unbolting the old one and install new one. $65 at AZ.
It's just a matter of what your time is worth. A couple hundred dollars in parts and should be good as new(kinda).
Different story if a shop is doing all the repars.
Check his mileage. He needs a timing belt.
The timing belt is not as complicated on the Zetec because of the Pin and Bar set up. You just use a tool that lines up the cams, sets top dead center, put on the new belt, and put your car back together. Simple.
Water pump is good to change while you're in there because you have everything out of the way to pull it and they don't last forever.
Shocks, you can hit up a Car Quest or the like and grab a set of the El Cheapo specials. If you've been riding on blown shocks for a year, even crappy ones will be an improvement.
The power steering pump is not an incredibly difficult job, but you may even be able to just change the pulley if that is the only issue with it.
So, you'll be looking at a minimal expense, just a lot of labor.
Is the car worth $500 and 5-10 hours of work to you? If it isn't, like BC_ZX3 said, you're gonna get hosed on the sale value. If it is, then you could have a car that can run for another 100k+.
There is a third option where you take the car to a lot, trade it in, get niggled down to nothing on it, spend way too much on a new car that loses half of its value as soon as you drive off the lot, let them make the repairs and sell the car for four grand.
Option four would be spend the money and time to fix the car, sell it yourself for $3000, and use that as a down payment on another ride.
It all depends on if you are over the Focus and want a new car payment.