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.
".. 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)
1984 Fast/Nicholson 345 "FastForward"