Dave, I have had 2 Capri 22's. My first was an 88' MK I wing keel with a std rig. Good boat. I got into racing in a mixed PHRF fleet and it had some serious short comings. Crabbed like a bitch upwind.
My second boat is a 05' MK II fin keel with a tall rig. Terrific boat in just about every respect. Outstanding PHRF racer that sails easily to it's numbers (US PHRF 204) and can/will beat theoretically faster boats when sailed well.
Because you are in Puget Sound, keel depth may not be as much an issue but I know you get 9' tidal variations but if you time it right launching and recovery on a fin keel will be fine if you have a steep ramp to use. I was able to pull my boat out of Lake Grapevine on a steep ramp using my trailers' tongue extension and this lake level is 10' below normal.
I personally would not have another wing keel on any boat. Some folks swear by them but I just don't like them. I'd rather have a bulb than a wing on a shoal draft keel but you won't get one on a CP22 unless it's been modified, and I haven't seen that done yet.
That being said a Mk I vs Mk II fin keel boat difference is negligible. The Mk II is actually 6" wider across the deck at the stern than a Mk I but performance wise, I'm not sure there is a difference. A performance difference then would be in the rig. A std rig has a 5/8's fractional 28' mast vs a 30' mast 7/8's rig on a tall. Where this plays in is in light air but when the wind comes up, the playing field starts to level out again. Then again, sails will always be less expensive for a std rig than a tall.
As far as issues between the two versions I think most of those have been covered. The tabernacle bedding is an issue on both boats but especially so on Mk I's because they are slotted. You can get a new tabernacle from Catalina Direct that is not slotted and I would recommend replacement of this component on either version if it is. The slot can allow the mast to rotate on it's base and it will break the seal and twist the mast to the point of pucker factor plus 1 in a blow. Been there, had the pucker!
Another thing on the Mk I was the location of the switch panel which I really did not like; down low on the left cabin bunk. Mk II's are up high above the right bunk and that was a very good change.
This is going to sound like a sales pitch because I am selling my boat but look at mine on
http://www.sailboatlistings.com/view/41847
As a matter in fact, check out as many as you can and compare all versions. Of course condition is paramount and you will see right away if a boat has been cared for or not.
http://www.sailingtexas.com/cboats99capri22.html has many boats on their website both past and present for sale to give you a better idea of models and prices. They keep everything archived there. Great site.
Good luck. You have come to the right boat. I love mine and if Catalina would have built this boat in a 27, I'd have a boat for life.
Chris
vs 18.41 :cry: on the 275 which puts it in cruiser class. Not nearly good enough to me to go to the bank for the loan. If Catalina would have let Gary Mull design the CP26 they may have had something and then so would I.