Hope your boss doesn't read your blog, if he does, delete this comment! :)
You should have your resume ready and go do some practice interviews. Find out what you're worth and then go job hunting. I bet you can find a job where you'll spend time on better projects, forward thinking, etc... learning new skills, using your new skills, etc, (of course I haven't read your whole blog)
Reason why I say this is you could spend hours there helping him with this project that will not really be your direction in life, you know what I mean?