400 half inch Osmotic Blisters
That is a boat that I would run, not walk away from. Two inch blisters are huge and typically when they are that large in diameter, they are also fairly deep suggesting more than a superficial osmotic blistering problem. The proper cure for this extensive a problem is to do a peel, and to come back and build up the peeled depth with fiberglass cloth with epoxy or vinylester resin. Anything less you can expect to have the problem return and cause further structural damage. Even doing a peel is no guarentee, but done right, and if you keep your bilges dry, a peel and glass job should be a permanent fix.
So, if for some reason you were getting this boat for $10,000 to $15,000 less than market value, where you could afford to do a peel, and you didn''t mind living without your boat for 6 months of dry season (usually not winter time on the Atlantic Coast) then maybe I would consider this boat. Otherwise, there are a lot of other boats out there (most of a better design and build quality).