We have friends that bought a late '80s P40 and in the past two years have been busy refitting and equipping her for a serious passage. She is a beauty,the interior layout (theirs is not the head-in-forepeak layout) is good, the table and dinette very comfortable. Finish is quite amazing.
After adding solar, wind vane, SSB and other myriad essentials and nice-to-haves they departed this past August and are now in the Catalina Islands/LA area on their way to Mexico for the winter.
By all accounts the boat is perfoming well despite a couple of engine (Perkins) related glitches, now solved, mostly relating to overheating.
While not a boat we can afford, or would necessarily want for coastal cruising, I think its an ideal candidate for what they are up to.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)