Argh, why do I let these forums always scare me off. The boat sold in the time I was wringing my hands on whether to take action or not. Guess $30k for a 40' cruiser was just too good to be true.
Looks like you saved yourself a lotta work. Initial reports are of a few blisters and lots of leaks.......on dry land. I mean, if you're looking at low entry price and high sweat equity, it's probably a good deal, but it's a total restoration from what's being described.