low-budget performance passage-maker
Jeff, my plan is to keep the boat at my father-in-law''s dock in Annapolis for the next year, and then sail it up to New England next summer, after which I will have it trucked inland to my home in New Hampshire for it''s overhaul and refit. Hopefully I will get in enough sailing time between now and then to have a better feel for what modifications make sense.
But this boat seems to offer most of what I was looking for: windward ability, light air performance (at least relative to heavy cruisers), a good sea-going interior, offshore cability, etc... so I may well end up keeping it for quite a while.
Consistent with your comments, the boat came with a very large inventory of sails. Most of them appear to be in reasonably good condition (at least for cruising), and some -- like the Blooper -- I''m never likely to use. I think figuring out the most efficient way to effectively "change gears" with a short-handed crew (or single-handed), will be the key to successful cruising with the boat. That and avoiding fast sailing dead downwind in heavy air and seas....
I am aware of the limited market value, since that is one of the reasons I was able to get this boat as inexpensively as I did. The seller was also ready to part with his boat and apparently preferred playing golf over putting a lot of effort into making the boat more marketable (although he clearly did care for it over the many years that he owned it -- at least for those things that made it a fast racing machine). And I made a firm low offer, with the survey being a make-it or break-it thing rather than a point for further price negotiation. So I think I''ve got some value to work with here.