At the risk of being the naysayer, I know the Bristol 27's quite well. In their day they were very mediocre boats with very mediocre sailing ability. These days they have become way over rated by people who have not sailed on enough B-27's and on the better boats of that era and the immediately following era.
The reality is that no matter how carefully you restore this boat, it won't have much resale value. No matter how much care you expend in your restoration process, it would be nearly impossible to get over $10,000 for the boat when you go to sell her and you can find these boats in reasonably clean, and totally operable condition for something on the order or $5-6,000.00.
And to properly restore one of these boats, it would be very easy to spend $15-20,000 just in materials and equipment and hundreds, if not thousands of hours of time.
It is for that reason that boats like these are sometimes said to have a negative value, by which people mean that it will cost more to even make reliably sailable than the boat will ever be worth....
Which is not to say that many of us haven't fallen into the trap of buying some old boat that pulled at our heart strings and spent years and a fortune putting the old girl back in shape. I certainly have....
My best advice is this, if you are extremely skilled at marine carpentry, fiberglassing, plumbing, sailmaking, uphoplstery, engine rebuilding, and marine finishes, and you truely look at boat restoration as your hobby, and you expect to keep the boat for a very long time and not try to sell her, and you have so much money that you don't care how much you flush on the project, then by all means proceed with this labor of love. Do a simple and reliable job of it, don't try to make her into a brand new boat, and try to keep your costs to a minimum.
Otherwise, if restoring this boat is not a hobby, and you don't have gobs of money to waste on this project, see if the person who gave you this boat will take her back (or else cut your losses with a chainsaw taken to this mess and dispose of her properly) so that you can look for a halfway decent design to learn to sail and to pour your love into.
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Curmudgeon at Large- and rhinestone in the rough, sailing my Farr 11.6 on the Chesapeake Bay