Ok, The scrapping and salvaging has begun! Rather than sit around stewing and wondering about it I decided to at least start gutting the cabin. I think I will cut out a piece of the sole enough to see what kind of damage there is below.
As I worked this afternoon I kept seeing things that I needed for the MacGregor and came to the conclusion that I really haven't lost a boat but gained about a thousand dollars worth of parts which is really why I went to look at this boat in the first place, parts!
I will continue the salvage on my Seafarer refurbish thread if anyone is interested in watching the tear down. Thanks for all the input folks.