Late to the party.
The compression post should be easy enough to fix one way or another.
Please note that Newport made several variations of 27' sailboat. Here are the specs for the oldest one: NEWPORT 27-1 sailboat specifications and details on sailboatdata.com
Use this link to try and figure out which model N27 you have. It is good to know what year your boat was made. Many of them came with an Atomic 4 gasoline engine (optionally) installed.
For now you can use an outboard motor but if you decide you want to get out into deeper coastal waters an inboard engine is a much better choice. I'm not trying to make more work for you. I just think that you should know this.
What I think a sail ready N27 is worth:
with an outboard motor: $3500
with an inboard Atomic 4 motor: $5000
with an inboard diesel engine: $7500.
It is good to know what year your boat was manufactured as that gives you a good idea of how long it has been since the chain plates have been attended to(ignored). Chain plates on older boats are often a project that is needed.
Hope you don't have to scrap her.