If she's seaworthy, or can easily be made seaworthy, unless working on her is really the reason you bought her, I suggest you get sailing.
Abracadabra was a 30 year old boat when we bought her. Her bottom was good, but the hull and topsides, well... PO was a racer. Bottom was good, so...
(Bottom was terrific, in fact.) The port lights leak a bit. Gotta fix that someday. I'm sure the standing rigging is all original, save one stay the PO replaced. But it survived him, so I'm sure it'll survive us until I can get to replacing it. The running rigging all looks like it was raced hard and put away wet--but it still works fine. There's some wet core (the surveyor thought) that was suggested we replace--but it's still feels
solid, so... when time and money allows. The hatches for the companionway are really looking ragged, now, but they do keep the rain and stuff out. Stove doesn't work. Head only half-way works. (The pumping out part, thankfully.) Who knows if the water works? Heck, I've a spread sheet that's up to 26 items of repairs and improvements that we need or want.
Point is, Gary: She's seaworthy
for the kind of sailing we do. (Day-sailing, so far, and around-the-cans club races.) So, yeah, we're gonna fix all that stuff. Gonna have
to fix all that stuff before we can start cruising. But it's more a case of: We're gonna sail her and replace/upgrade what needs replacing/upgrading as time and money allows, and when she's ready, well, then
we'll go cruising.
In the mean-time: We sail.