Thanks for all the input so far. My main concern would be rot occurring in the cold-molded part of the hull between the old wooden hull on the inside and the glass hull exterior. Having major soft spot problems in my current boat, makes me a little leery of this type of construction. Part of me believes that in theory this is an excellent way to extend, the life of an old boat, and another part says rot.
Found this on another forum that has allayed some of my concerns Cold Mold over Old Carvel Planking