What is actually wrong with the hub? It may be that a freewheel service or repair is all you need.
If it comes down to it, replacment of the whole wheel seems a better option. The spoke pattern is not regular so will require a lot of extra work for whoever relaces it with a new hub.
Bear in mind also that a $100 wheelset is not likely to be the end of your troubles. You are much better off spending a little cash on some decent components.