There are a number of areas that I would look at closely.
-I would check the centerboard pivot and lifting gear for wear and proper action.
-I would be concerned with delamination and core rot in the deck especually around the mast step but also near deck hardware and other penetrations. These were early balsa cored decks before we understood aboat core rot and the need to really laminate the core to the molded deck.
-I would check the mast supporting structure for signs of movement near the deck and rot in the bilge. If the door to the head or forward cabin sticks there is probably a problem with the mast support structure.
-Check the main bulkheads for rot behind the formica. There is a tendancy for the fir plywood used on these boats to delaminate and rot out behind the formica facing.
-Pearsons of that era did not have backing plates or even fender washers on major hardware so I would look for nuts crushed into the core at the main cleats.
-I would check the encapsulated portion of the keel for delamination.
-If they haven''t been changed in the past 15 or so years, the standing and running rigging is pretty much at the end of its useful lifespan. The chainplates are probably ready to be replaced as well.
-Pearson during that era tended to use early cutlass bearings but the design of the boats prevented water from properly getting to the cutlass bearing so the propshafts would get scored easily. We went through a number of bronze shafts on our Vanguard before switching to Monel.
-If they haven''t been upgraded the winches of that era were pretty inadequate for the large genoas that these boats require in light to moderate breezes.
-Check the rudder and rudder posts. The early Wanderers had wooden rudders with bronze posts and drifts built just the way that they were built on wooden boats.
-check the thru-hulls very carefully. We replaced them in our Vanguard before the boat was 4 years old.
That is all that occurs to me at the moment.