If it requires repair work, I think that it is worth it. (I am not an expert on lenses, but I would take it to the shop were it mine.) The 45mm is a wonderful lens. It is close to about 28mm on a 35mm camera and the one I have is probably my most used lens.
By the way, yes, it sounds like a problem with the aperture blades or the M/A switch. If you put the lens on A does the aperture close down when you move the pin inside the mount? I would suspect that the aperture is frozen wide open, but that is a better way to test it than the M/A switch.
Paul.