I have been in that same boat... no pun intended. I bought a 1964 Pearson Electra project boat and it has been on the hard for 2 years mainly because I do the work myself and save the money to do it the “Bristol” way. The following are a couple of things I have learned about project boats that need a “little” work.
Never take out a loan to buy a fixer upper you will need all the money you have to fix up your boat. Either take your budget and throw it out the window or use the rule of Pi, that is to say that if you really have a budget multiply your maximum budget by 3.14. Then you will have an accurate picture of costs involved.
Come to terms with the as it is boat know on the front end that it will take all of your time and money. If you are like me then you will become totally immersed in the project. You need to make sure your family can handle your new project. Once you get the boat if you do commit you will find out neat things about yourself (both good and bad).
You will want to haunt local boat salvage yards, marinas, eBay, etc. You may also want to post items you are looking for. Stockpile everything… if you don’t need it now you may be able to trade it for something you will need later.
All in all I say go for it!
You may want to read the following books:
Backyard Boat Building-George Buehler
Sailor's Sketchbook-Bruce Bingham
Gougeon brothers- West System book
The best of luck to you,