While I've never owned or been aboard one, after looking at 4 examples on Yachtworld they seem like a reasonable design for that era. Of course any boat going on 40 can have a lot of issues with maintenance, mast step, bulkheads, etc. I wouldn't pick one purely because of the longitudinal galley/dinette arrangement which I am not a fan of. But is sounds like an affordable way to get a boat for offshore use if upgraded as necessary. Rigging would probably need a redo unless done recently. Here's James Baldwin's list of good old boats with a brief description and links to owner's groups etc that might give you some other ideas. Atom Voyages | Voyages Aboard the Sailboat Atom -* Good Old Boats List - choosing a* small voyaging sailboat
No morgans are on the list but it's full of good choices.