Re: What would you do?
Given that additional information, I'd hold in VMC and do a thorough approach briefing, and determine that the weather is suitable for an approach to landing. I'd declare an emergency and advise ATC as to the nature of said emergency, requesting vectors onto the final approach course. I'd head home. If everything else is working properly, and I've got 1300 ft below the clouds, I' d very carefully execute an approach into my home base.
One other question - what type of approaches are available at each airport? Radar service? If there's an ILS or VOR to the home field, that makes my decision even that much more concrete.
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