1998 Ford Taurus Can you unplug a misfiring fuel injector

I was told that if I do disconect it then the engine will sense this and send more fuel to the other injectors to make up for the loss and that extra fuel will cause more damage to the cat then the fuel not firing in the no. 1 cylinder. Is this correct?

To get in and tear down the engine to completely fix the problem I have gotten quotes starting at $1000 and going up. I only paid $450 for the car, it has 129000 miles on it and there is no real guarentee the repairs will help. I had a compression test and leak down test done. The leak down in my number 1 cylinder showed air coming out the exhaust pipe and the radiator. The no. 1 cylinder also has low compression and the others are below where they are suppose to be. My plan is to just drive the car till the engine dies. I was told that right now I will probably burn up the cat before the engine goes so I know I may have to replace it, but am trying to reduce the wear I am putting on it with the misfire.

Once this engine does go I am going to look around and price out what that would cost me. Basically right now my objective is to get the most life out of this engine and try to mimize the damage to the cat the best way possible.