The Morgan OI 28 of that era offered a lot of room for a cheap cost. This came at the price of poor build quality, poor motion comfort, and poor sailing ability. If you are not concerned with sailing ability or motion comfort, then the OI 28 might work for you.
You are talking about a 27 year old boat. If I were going to cross to the Bahamas in an OI 28, I would certainly want to upgrade a number of areas and make sure that the long term maintenance has been done. As is true of almost any boat that age, unless the prior owner has already done this work, you can expect to need to address some kind of combination of the following items:
· Sails, chainplates, mast step and associated suporting structure, standing and running
rigging that are beyond their useful lifespan,
· an engine that is in need of rebuild or replacement,
· worn out or out of date deck, galley, and head hardware,
· Out of date safety gear
· electronics that are non operational, or in need of updating,
· electrical and plumbing systems that need repairs, upgrades to modern standards or replacement.
· Blister, fatigue, rudder, hull deck joint, loose or rotted bulkheads, or deck coring problems
· Keel bolt replacement (bolt on keel) or delamination of the hull from the ballast for a glassed in keel.
This of course is in addition to the probable need to replace worn out upholstery, and perhaps address a whole range of aesthetic issues. I would not work about changing the mast to a keel stepped spar, expecially if the standing
rigging, chainplates, spreaders, mast step and support structure, and the associated hardware are in good shape.
One problem with inexpensive, poor sailing boats like these is that they are often purchased by inexperienced sailors who are under capitalized. As a result they do not always see the long term problems with the boat and if they do they don''t always have the money to repair them correctly.
Jeff