My boat has a few blisters that I have not really paid much attention to. When I haul it next year I may look at them and decide if I want to work on them or not.
Performance is sort of a hard question to answer. Is the boat fast? NO!!! I believe the PHRF ratings put it in the 237 range. Need I say more? I can generally run down and pass most of the rental Cats in the BVI's, if they are sailing and not motorsailing.
Where I sail winds are frequenty in the mid to upper teens and for most points of sail I can stay in the 6 knot range while keeping the boat at a heel that is comfortable for my wife and I (20 degrees) The boat can be pushed a bit harder and gain 3/4 of a knot. It is much harder to maintain proper control of ones beverages however. I have been able to sustain 8 knots (by GPS) for a few miles on a reach with winds at 25+ and this seems to be as well as I can sail it, others may be able to do better.
For mostly light wind sailing I would want a lighter more easily pushed hull. The motor would be frequently necessary in any winds less than 10.
Is it easy to sail well? Yes. It is very forgiving and easy to sail.
Pluses--Easy to sail--Built sturdy like many boats of that time--Very roomy below for a 31 footer--Comfortable for weeklong trips
Minuses--Needs some decent wind to get moving--Even then, pretty slow.