Loran C has become the official USCG back up plan for GPS. On the brink of shutting the system down, it is speculated that someone posited the idea that it might be nice to have an electronic navigation system to use during those periods of time when the DoD decided it necessary to shut the GPS system down. Consideration of those circumstances grew out of 9/11 and homeland security needs.
If you're sailing the Gulf, and not going over a couple hundred miles offshore, Loran C might serve you quite well. It's primarily a near-offshore system and as accurate as you really need for that type of navigation.
If I had a Loran C set, I'd certainly keep it and probably even use it. I definitely wouldn't get rid of it now that it looks like the system will be maintained for the foreseeable future.
“Scientists are people who build the Brooklyn Bridge and then buy it.”
Wm. F. Buckley, Jr.