Look for Geoff's (Starkler) post on how he turned his cheap EQ into a usable Alt-Az mount. (Basically you point the polar axis straight up)
The scope should still be useful, even if it's not a very good one. Maybe it's worth building a little Dob mount for it. That's what I did with my cheap 4.5" Newt and I got a lot more use out of it that way.
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