Datswite, there is so much information you are leaving out of this discussion. Is he keel bolt on or encapsulated? lead or iron? Owner is a lair or the boat has been in the water longer then both of you think.
Don't know what your reading, but MOST blister repairs do not fail.
Oil leaks. WHERE?
Circumnavigate... in a Morgan 38?
Based on so little that your telling us I'd buy the boat!
Is this anything like it?