Re: Blisters on survey - Morgan 38
I'd guess the Morgan is a solid glass layup in the hull rather than cored, the blisters may be mostly cosmetic. The other items are going to add up to a a fair bit of coin, and the leaky Perkins is a pretty standard problem, as I recall. Unless you're planning on doing all that work yourself the hours are going to add up quickly, plus parts.
If you're willing to negotiate on all else, then I guess overall it depends on the deal. Get a quote and a gel coat peel/barrier job and see what happens.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)