Nogin, I went through this with my Islander 26. The hull, rigging, mast and boom where solid. It did not have an engine. I gutted the boat over the winter and refit to the point it was sail-able during the spring. I spent the next 5 years tweaking and adding to her. Enjoyed both the opportunity to learn. There is lots of good information on the Internet from people who have been down this road before. Getting supplies and parts is not that expensive if you are not in a hurry and a little creative.
Would I do it again? Probably will as I can't afford the boat I want in ready condition. Plus by refitting prior to cruising I will know the condition and have familiarity.
If you have time and are looking for a fun adventurous project i would say go for it.
By the way, i sold my boat and recovered everything I put into it except dock fees.
A people that values its privileges above it's principles will soon lose both.