Unless the money situation is really desparate I'd hang onto the old sail and get a new yankee.
In the SSCA thread on cutters Robert Perry gave some excelent advice in particular don't make the mistake of cutting the yankee too high, so that the clew is above 'reach up and grab it' height.
ps - what's your home port ?
pps - love to see a pic of your boat.
“Life is a trick, and you get one chance to learn it.”
― Terry Pratchett, Nation