Yes she is worth persuing because presently and for some time she is the object of your desire. When this happens someone becomes the exclusive focus of all our central thoughts and feelins. You are running away, rather than confront your feelings of humiliation and rejection and worse of all her friendship. That would be a huge loss. Rather than facing this, you chose to walk away or worse accept a small piece of her as something is better than nothing.
She knows how you feel. She enjoys your company and is having the best of all worlds. Do yourself a favour and confromnt her. Tell her out straight how you feel about her. Two things will happen. She may realize that you are not prepared to sit around any more and it may propel her to give you a chance, given her checkered past with non committed men. When you confront her it may also be the elephant in the room and that once you have called it time on your true feelings for her it will close down the relationship. I know you fear this more than anything but guess what, the terrible pain you are feeling now will stop after a few days. Yes you will have to cope with the dissappointment but you will be Ok after a short while and sooner than you imagine as you become emotionally freed up for finding the soulmate you are so deserving. Finally you have to ask yourself the question, why would you stick around and accept a glass half full relationship. Why do you think this is all you deserve. You are a man. Stand up straight and look her in the eye (stop looking at the ground). Ask the straight question and then look at the sky, either you will embark on a deeper relationship or you be set free to feel deep and meaningful love with someone you just hav’nt met yet. There out there now. Its a ‘win, win’ for you. Start loving yourself today and respecting all that you are and all that you have to offer. It means a lot to someone, if not her then your soulmate is waiting for you. Act today !Good luck