Re: "Free boat" seaworthiness
You're in the trap we all have been in - you look at the boat and see the *potential*, not the reality. You see past the grime and decay to what she *could* be. just estimate the cost first - then double it, that'll probably be closer. Estimate the work, and triple it. Honestly. Boat projects operate in a timewarp, disconnected from reality, where everything takes longer (and costs more). I've been at this for a few years, and it always astonishes me how long a simple task takes - don't ask me why! Something I could do in the shop in 10 minutes takes an hour on the boat...
Yeah, it is an adventure. You're getting a lot of good advice, especially seeing what else you could find for free before you decide. Good luck!