Hi Stillinshock... I'm not quite in shock, but am in a similar situation -- my 92 year old grandmother, who has still been sailing with an 80+ year old couple! -- just gave me her 1983 Newport 33. It is in better shape than your boat, because the husband of the couple has helped my grandmother with maintenance since my grandfather died 20 years ago, and he considered it "his" toy. However, as he's aged, the fiberglass and teak haven't gotten attention, and some of his "fixes" have been a bit...interesting.
Right now the boat is in FL, and we'll be having it delivered to NC this month (cha-ching...I'd like to have done it myself, and would have if I'd known in June or July rather than mid-August, due to school schedules and things). I found a slip yesterday - hard to come by in this area - and am pleased because it's an old-fashioned DOCK rather than a new-fangled CLUB. Basically meaning I can work on the boat there and no one cares! And it's close to our house here at the coast, and we homeschool, so I should be able to do a lot before winter.
Here's what I know --
Fiberglass is seriously oxidized, chipped and dinged. We're going to try the New Glass 2 product on our motor boat and see if that works... If so, I'll do that plus Durabak (non-skid paint) on the deck. The bottom will need to be painted next spring, so I'll probably wait until it's hauled for that to decide on the hull fiberglass solution.
Whatever they didn't need for afternoon sailing hasn't been maintained: alcohol stove/oven hasn't been turned on since 1985, and the tank is scary; water tank has a leak "somewhere near the top" so they just haven't put a lot of water in it; head and shower are iffy; cushions aren't in too bad of shape but they are ITCHY and ugly.
The cabin sole teak was taken up after hurricanes left some water in the cabin in 2004, so it's just fiberglass now. I'm pondering that...
No electronics work except the engine hours, fuel guage (theoretically!), and the engine oil temp guage.
That's just the tip of the iceberg, I guess... The sails are being checked out by the guy who made most of them, and the self-furling jib is fairly new (but the main is original...). The rigging is new in 2004. The lines are mildewed and some frayed, but not terrible. The engine (Universal diesel 16hp) seems ok, throttle assembly ok. whew!
I'm looking forward to following your progress for inspiration on my own! Good luck!