As all my hardware is at least a decade old. I have several HDDs with bad sectors (due to power outages, falls, and the like).
As long as those sectors are properly marked as bad, and that the damage is mostly localized (and not a general mechanical problem, I mean)… you should be fine. I actually do not own any HDD that doesn’t have at least one bad sector already
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I recommend using the most excellent HDAT2 utility (BTW, seems there are new versions! time to update my custom “HirenCD” USB drive with it!
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Running it in “Detect and Repair” mode (I usually go for the VERIFY/WRITE/VERIFY method as it is the fastest), letting it detect, and hopefully fix/mark the bad sectors… and running it a second time just to be sure… if the second run ends with no new found bad sectors… you might be lucky, and have an usable HDD for plenty of time.
At least you are keeping backups… I just YOLOed it all these decades 
Edit: if after using HDAT2 (or similar) the HDD seems fine… why not multi-boot? you can have your cake and eat it after all (Linux + Haiku beta4 + Haiku nightly, for example).
Edit 2: if HDAT complains with “BUSY” or “MEDIA error” messages… the HDD might actually be kaput, and I would not trust it, ever. If all you see are “Bad sector” and then an OK because it was either fixed or marked as bad… my trust on that HDD would usually depend on “do bad sectors keep appearing out of the blue?” if yes… find another one. If they seemed to be one-time only type of event… you can have a bit more confidence on it (but… still backup what you can’t replace, of course).
Best of luck!