I would question any repairs and hire the best surveyor you can find and use a moisture meter on the hull to make sure it's dry. I'm not familiar with IP, did they have problems with the hulls, do some research. Our boat had a "barrier coat" bottom job done at a shop a few years before we bought it. It all had to be peeled off and redone because they used the wrong material and moisture was behind the barrier ($$$). The engine on that boat is old, unknown hours, unknown maintenance. If you are going to use the boat a lot, or go cruising to places where repairs would be difficult you will probably decide to replace the engine just for peace of mind. Double the cost of a new engine to cover installation. Good luck, hope it turns out to be a great boat.
SV Laurie Anne
1988 Brewer 40 Pilothouse