Join Date: Mar 2010
Location: SF - South Bay
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Nothing so expensive as a free boat...
I would take a close (and honest) look at what it would take to make her seaworthy - how is the mast, boom, rigging (standing and running), sails, rudder, tiller, hull, anchor, etc etc. Remember a block can cost $50, and you could need half a dozen - marine paints and varnished are really expensive - so think through everything you'll need to buy to make her shipshape.
Now make a shopping list; use the web to price things up, then add 25% (at least, because there is always the unexpected).
Now estimate the time it'll take you to fix her up, and add at least 50% to that (believe me, it'll be around double what you guess).
Now look at how much it will really cost you, and how much time...then make the call. I restored a boat in a similar condition - it was a labor of love, and I loved doing it - but jump in with your eyes open because it'll probably be a slow and expensive process!