Is it worth attempting to repair an Alternator?
Do the Alternator Repair Kits do the job?

I'd like to try it, but I don't want to waste $40 on the kit if anyone has bad experiences with them.

I'm working on a 96 Escort LX, 1.9L.

Your money would be better spent buying a used or remanufactured alternator. Most alternator rebuild kits work well but if you have never diagnosed and rebuilt one you will probably run into more problems than you want to deal with.