You have described this as being a boat that you would like to race and cruise, but like many IOR boats neither of these are especially good boats for either. These were fast boats for their day and their racing rule, but their day and rule was nearly forty years ago. To be competitive, or even get around a race course safely in a breeze, these are both boats that take very skilled helmsmen and large, strong, skilled crews to race well and which are not very competitive without large (in number), high tech sail inventories. Boats like these lose speed easily but are hard to get back to speed and are a real handful in heavier going.
By the same token, they are not especially good cruising boats (although the C&C 39 is the better of the two) and neither are especially easy boats to sail short handed.
You might want to step back and rethink how you are approaching this. While I doubt that these are the only two convenient boats within your price range in your area at the moment, I would suggest that there is a reason that these boats relatively inexpensive, but if you take a little time to catch yoru breath, you should be able to find better suited designs within your budget that better suit your stated needs.
I respectfully say that there are many good old IOR boats that are happily and successfully cruised (and quickly!) in many parts of the world. Many have lost their 'winch farms' and have been upgraded with much better sail handling gear, clutches, reefing systems, etc.. than their original equipment. Sure, you need a lot of weight on the rail at the top end of a large headsail to keep a boat flat and race fast, but this is by no means exclusive to IOR designs. And yes, racing sail inventories still require several jibs and spins to be competitive unless there are class limits. This again is by no means exclusive to IOR boats. For cruising and race deliveries, shorten sail. Everything will be fine. The C&C rigs are not spindly little things that are runner dependent, so that isn't and issue. These boats will still charge upwind racing or cruising. Downwind? Who is pushing a boat under spinnaker while cruising anywhere near the limits that one would racing? This is where the 'IOR boat stink downwind' doesn't really hold water. Racing? Sure. They can be a handful and require a deft touch on the helm, though many of the Farr IOR designs sail quite well downwind even when pushed. Cruising? Not so much. Of course not all IOR designs are good converts to cruisers, particular many of the custom one offs, but many of the production boats are absolutely fine and provide a lot of bang for the buck to their owners. IOR rule driven hull designs have many iterations. Some excellent, some kooky, but beware of vast generalizations. Baby, bathwater... that sort of thing. OK, end of my small 'r' rant.
Of course I have to say, your Farr 11.6 is a very nice boat indeed!
To the OP, I've seen the C&C 39 you're interested in many times before it was on the market. I'm pretty sure it's been nearly a one owner boat, but most certainly needs a good deal of upgrading and love. I'm guessing you could spend 25-35k right off the bat sorting things out as Jeff alludes. (For the amount of money you're going to spend on this boat after purchase, it would be cheaper to make a deal and buy the Express 37 that's listed and you'd have one of the best racer cruisers available even 20+ years after the fact!)
As a design (the C&C is a very early IOR mkI design), it could be great for cruising and is very sea worthy, but will need breeze to be competitive racing even assuming an updated sail inventory. This will be a major expense as it is for any boat that you're intending to race. I'm sure there are better examples on the market if you're patient.