It is a classic boat, well designed and generally well built for its era. Carl Alberg was a genius and Pearson was a great builder. Mahina Expeditions lists it as a boat to consider for a bluewater cruiser: Mahina Expedition - Selecting A Boat for Offshore Cruising
It would be an excellent boat for a project/restoration low-initial-cost, go-anywhere, sailing vessel, provided you are willing to put in the sweat equity to bring it back to its full glory. Study Don Casey's "This Old Boat" to fully understand the work you will have to undertake.