Put the boat on the market for $5,000 and then let some lucky bargain hunter steal it for $4,000 and you'll be well ahead to be rid of it. We'll all proabably see his proud acquisition post here on Sailnet.
Put the $20K needed to properly repair the boat into something else. Whomever makes these types of repairs to an old boat gets hosed financially in the end (I know!) - you won't get back even half of what you put in. The smart move is to be the buyer of a boat into which someone else has poured their time and money.
For example, for the $20,000 repair estimate to your Cal 2-27, you could upgrade your boating to something like http://web.mac.com/bicgreen1/iWeb/Site/The%20End.html
, save a $5-7 grand and just go sailing for the next few years. Which is a better result?