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ISLANDER 34 Sailboat details on sailboatdata.com
That is a link I found with info for the islander 34.
http://www.islander36.ca has a good history of the company, designs etc. There was an actual islander.com website at one time with mucho info, but that person no longer runs the site, altho many have tried to get the info from that person and restart the site.
With that in mind, being as this I34 is a full keel, it will be slower than the pearson, assuming the pearson is a fin keel. Islander generally speaking, folks like the boats. A good friend of mine has a peterson 40, quite quick for a 40' boat from the 70's.
BUT, with this all in mind, of the two, the few issues you described, I would still go for the Islander hands down. If the Pearson was the one with out the issues, the Islander had the wetdecks etc, then the Pearson would be the one to go after IMHO!
If you want quick, then there are some other boats from the 80's that will not be in as bad a shape assuming your description of the Pearson is correct, for about the same $$$ or maybe a bit more.
She drives me boat,
I drives me dinghy!