Re: "Free boat" seaworthiness
Dude, check out the "Swan", forget the other boat. Even if you could restore her, she'd never look as pretty as "Swan". Look at those lines. Bigger boats are more expensive to maintain/restore/dock - and some are more worthwhile that others, it is very difficult to tell from a photo - but for $100-$200, wow.
What would be even better is to ask somebody with more big keelboat experience (perhaps from the club? sailors always like giving advice :-))to come and look at her with you; the cost to restore is generally pretty easy to estimate, the big ticket items (in a sound boat) are engine, sails and standing rigging. Most anything else is less expensive, but a lot of sweat equity. But things do add up...but if she is sound, she's probably worth it.