I know I'm a bit late with this post -- but I've also owned a Cal 34 III ('76) for the past five years, and love it! As with any older boat they need their share of attention, but its has a solid hull with fairly simple and accessible systems.
As a cruiser, it's very comfortable for the two of us for a week or more on Chesapeake Bay. The 4'9" draft gets you just about anywhere, and the port settee becomes a queen sized berth.
As a racer, it's been a lot of fun. I took seventh place in the 2006 Maryland Governor's Cup (N class, 25 boats). This was done with a fixed three blade machine prop!! (I'm getting a Max-Prop for this year.)
Hope this helps.