long term cruising
What kind of cruising are you planning? (''Cruising'' enjoys an immense variety of meanings here). What kinds of weather & seas will you see? How much will be coastal or in protected waters? How able and how many the crew? How suitable is a your particular boat (not known for its sailing ability, especially to windward) for your plans?
It''s pretty normal to look at a well maintained boat used locally and, with fresh eyes due to expanded sailing plans, see a boat in need of much work. We sail a 1979 42'' ketch and I conceptually see no worries about the boat''s age. OTOH just about everything has been replaced now except the hull, deck, interior & spars. Depending on your plans, you may want to use Calder''s Electrical/Mechanical Guide contents as somewhat of a checklist, asking yourself which systems and gear have seen little use, are long in the tooth, and/or are essential to the boat functioning & the crew''s safety - and dig in.
But first, share your thoughts on what kind of cruising you''ll be doing and folks here can probably give you more helpful advice.