Chris, it seems like you have thought this out and you are already taking some of the necessary steps. The priority should be replacing the hatch and making the boat watertight.
As many have pointed out, this boat is a project and you will put more time and money into it than its worth, oh well, i have a project truck, a motorcycle (a similar story to yours) and a boat that I have more money into they are worth on paper, but they are priceless to me. In the end you will have a beautiful boat that you know EVERYTHING about and you will all the memories it has for you now and that it will give you in the future.
You are in a hands-on tech program, are there any fellow students who are looking to get their hands dirty and help you? When I was in college the engineering students were always looking to put their training to work and I gave them the chance with a couple different cars-back then they worked for beer and pizza.