I agree with 1986Uno45S. Better the devil you know than the one you don't. Incidentally, Puntos are rather more than '1K' here...
My Uno Turbo needed most of today spent (by jjhepburn) welding significant areas of the floor, generally much worse than the bit that could be seen from underneath that caused a failure of the WOF. The inner sill (inside the car) was completely detached from the floor over a 20cm length. In front of this, the jacking point had completely lost its strength since the floor above was rusty and cracked. The other side of the floor had also rusted away from the sill.
James fixed all these with proper continous welding, so now I can seal it all up and replace/upgrade the soundproofing, which will probably take another day or two.
Was it worth it? Of course! That rust has probably been rusting for several years. In that time I've repainted and repaired accident damage, replaced my clutch and rebuilt the suspension; I'm also fully-confident of the brakes and the engine's running sweetly. You just can't replace a car like this at the drop of a hat; most Mk1 Uno Turbos will be a complete unknown at this age.
My Stilo cost ten times as much, but that would buy a large amount of time and parts for the Uno, and the Stilo is thus hardly a worthwhile solution. Perhaps also browse the Stilo forums for gearbox replacements, broken springs, airbag failure warnings, coil pack changes, and various other ailments that seldom affect the Uno.
Puntos may not rust, but there will be plenty of other surprises in wait (SteveNZ had quite a task of stripping the front off his Punto GT so that the chassis rails could be straightened).
Now to get back on topic... an emissions failure is not to be looked at as a hideous inconvenience, since fixing it will often also improve the economy and possibly the performance in many cases.
Budda - we need a little more info, such as whether it is Hydrocarbons or CO that is too high, and by how much. Has anything been done to the car since the last MOT - i.e. has anyone adjusted the idle etc.?
You can still tell a bit from the state of the spark plugs. Too rich will give carbon-fouling after a drive. If on the other hand the insulator is very white with the electrodes slightly blackened, that means the engine is running lean (and the plugs hot), so this suggests to me the catalytic convertor at fault if CO emissions are still too high. But you would expect HC to be low in this case (less unburned fuel).
Try gently tapping or shaking the catalytic convertor/exhaust pipe, listening for rattles. If the exhaust has been grounded (maybe with evidence of damage) there is a possibility of the catalytic convertor matrix having broken up. Usually there would be a drop in performance (blocked exhaust). You didn't say if the car drives 'normally'?
I think Louie's advice was best - check and replace the things that you can, and get more details to try and identify if the lambda sensor or catalytic convertor could be faulty. If engine performance is erratic, perhaps remove the single fuel injector and get it cleaned ultrasonically.
It's common to suspect the unfamiliar parts, but usually it's the familiar old culprits; spark plugs, air filter...
-Alex