Paul323 you are da' man! it is definitely an El Toro. We got it free with our '73 Challenger 32. We've refinished the entire thing. It's now smurf blue. an acidental combination of navy blue and white Rustoleum topside paint. (We're trying the paint out before we repaint the bigger badder Challenger.)
It's an adorable little dinghy. Now we just need to find a sail for it!