Take her out for a week or two and see how she is. Have you checked rigging and sails and such. dont for get about navigation and communications. Why dont you try the great loop google "AGLCA" you can do a 5000 mile loop and never leave home, that's if you are in the USA. Smooth sailing
That derelict boat was another dream for somebody else, don't let it be your nightmare and a waste of your life.