Re: Catalina 42 ... Why not?
I personally wouldn't try to cross the Atlantic with a C42, though with a thourgough going over it should be more than capable of your other goals.
Water will find its way into the v berth of my 1991 C36 after hours of pounding to weather. I know some of it is coming through the v-berth hatch, maybe only around the handles, but maybe the gasket. I also found wet areas along the hull indicating either a stantion leak or a leak through the hull deck joint. These issues would just a nuicance for coastal cruising, but could be serious issues for ocean crossings. Before I would take my boat on the coastal trips you envision I'd likely replace at least the v-berth hatch and rebed all the foredeck hardware. Just things to consider for you upgrade budget.
Also you might consider a C400 as well.
s/v Palmetto Moon
1991 Catalina 36