Lets us start at the beginning........
You need to add 1/2 to 3/4 of an inch to the height of the aft cabin bunk cabinet walls, so that you can install Golf cart batteries safely. Easiest way is to add a 2" wide by 3/4" thick plywood strip all around the bottom of the bunk where it will ride along the top of the bunk cabinet. While you are bored you can shop ebay and replace all of your interior lights with LED.
now that you have completed step one, you can install your 4 golf cart batteries, (which were slightly too tall), starting battery, 1500 watt inverter (for your microwave), solar regulator, starting relay, new fuse blocks, and isolator switches, and 15 amp 12 Volt service wiring you will want to add to the starboard side of the boat, as well as: tool box storage, and spare wire, hose, and cables. Don't forget all those new and replacement 2/0 to 4/0 battery cables that every 40 is going to need. (PS The solar regulator will probably have to hide down here close to the batteries, do not put your smart charger under that bunk.
now that you have a decent 12V and the beginnings of a dual feed 120V system, it is time to think about your electrical panel additions and improvements. Many articles on this site by MaineSail and others discuss advantages of generators and shore power systems and limitations of each. Since you have such a small locker for a generator, and you are already down in the sun, a good solar system (with a small Honda or other EU2000 type) for backup or small AC loads will work, if you are a going to cool both cabins, you will need a larger system. But, size that solar realistically. Btw..... hanging that EU2000 from a spreader laying on foam on the bow pulpit is much quieter. (Don't put the generator in the dingy for quiet). Don't forget to look at the panel and where you are going to put those switches for the new chartplotter, autopilot, heater...(you will take the boat north right???) etc.
Now that you have completed the easy jobs......
Might as well tell you now, you need to either reline the bow water tank, or take a grinder to it remove it and replace with newer non weeping tanks., while you are on the subject of tanks, that new forward waste tank under the starboard settee should be sized so that you do not have to remove the entire settee, unless you decided you need that new teak and holly sole, because, really, after all this work you are putting into the boat...... how could you not want a gorgeous new hardwood floor in it. Don't forget to remove the old forward waste tank located in front of the FW tank. and that stupid pump location on the side of the tank. Now that you have experience correcting the easy head tank, you can graduate to the aft head tank, and guess what, you get to clean out that segment of the hull liner that part of the tank was constructed with........ but oh..... your nose already told you that tank needed replacement. After you get your stock dividend back from Clorox... you did buy some right?......seal up that old tank permanently with an epoxy coating cuz it will continue stink and foul the bilge. Then you get to figure out how to resupport the floor where the previous owner tried to deal with the old tank issue..... Relocating that tank to either the aft cabin port wardrobe or remove your nav station are both good ideas..... The tank will fit above the throughhulls. In that location you do not need to reroute the deck pump out.
Some winter when you have absolutely nothing better to do...... take out your fuel tank, to clean it and put on a good fuel sending unit that is accurate. While the tank is off, now is the time to glass in new rudder post supports and take out all that freeplay you found in the rudder when you hired the surveyor to check out the boat. Don't forget to glass in the lazarette mounts for the autopilot. This is also a good time to glass in the 2 really large stout corner reinforcements that will hold your swing down swim platform (as well as the dinghy davits if designed correctly). those corner reinforcements need to be connected all the way to the corner of the hull on each side. with lots of and lots of layers, (you need weight in the back of the boat anyway, she rides nose heavy with that existing 105 gallon water tank up front. That new stainless tubing and starboard swim platform should not weigh over 200. Don't forget the neoprene snubbers you have to put on the transom so that swim platform does not chew up your transom. You are going to be really ingenious in modifying that boarding ladder to work. especially after you cut off the top half.
Now, since it is an older 40, you will take a look at those stanchions, especially the starboard boarding gate that was smashed when the 40 ft. bayliner driver next to you decided to decelerate into the dock with your stanchions and toe rail while you were docked, having lunch down below, about to have that nice cold beverage that is cooling you now all over your shirt. Make sure you get the name of the grandson who tells grandpa on the bayliner........"wow grandpa........you hit that boat really hard", as you are climbing out of the companionway looking at your stanchion pointing down and a 16 ft long tear in the bayliner hull where the stanchion and toe rail scribed the new mark where your deckline is on the other guys boat. Just for practice, wait and see how long it takes for the offender to tie up after jockeying his boat a few more times with the new dockside crowd of helpers trying to land his wayward vacation. After he fails to provide insurance info or a check......(I did say bayliner didn't I) you can start to figure out how your are going to repair the underside of the glass, and bed those stanchions so that you and your admiral can safely get off an on your own boat again. (Fender washers me boy, along with 6" long 1/4-20 pan head machine screws will do the trick, if you do not want to cut more holes in your boat to fix your unruly stanchions.
Now we get to that blue smoke emanating from the hopefully working water pump discharge. Live with it, it is an old diesel, old mounts, old transmission. Think of this as a system... a good tuneup, diesel additives, fuel filters, and learn to love that blue, gray grease that passes as exhaust, (it decreases as the engine gets warmer- don't operate this engine lower than 2000 RPMS for extended times. you are just coking up the cylinders and the wet exhaust. This engine might have had a lot of use........or .maybe not.....no hourmeter to know for sure, and btw.... when you add that hourmeter, seal those connections well. Think carefully about mechanics who can time the injectors, probably not a bad idea to do this yourself. Learn to check the oil every trip, that engine will suck its own crankcase dry when starved for fuel....(at little birdie told you that). After you clean and set the injectors, add the additives, it is time to do the water pumps and replace that alternator and starter, watch for sales.........100 amps on the alternator is a good size. Now you get to pull off the exhaust elbow and clean heat exchangers as well as elbow. (hot engines deposit less in the exhaust).
Might be time to do something decorative in the boat like lemon oil all that teak, install the laundry washer/dryer, polish the 8 corroded brass lights in the boat. If the boat was kept down south or in the west, you may still have the same fridge pumping away, keep it vacuumed and defrosted. you can install that outlet for the microwave next to that new shelf you are putting in the galley, save all those teak trim pieces you made, you can use them when you mount the flatscreen tray on the forward bulkhead. Pick yourself up some of that 1/2 wide teak veneer strip. you will use 50 ft. of that someware around all of the doors and cabinets of the boat. While you are out shopping, pick up a half a gallon of goo be gone..... it will be your friend when you will remove 300 feet of sticker striping, that is looking pretty ratty on the hull anyway
lets see, it is now year three....... you really should replace those throughhulls that were looking a little soft....while it is out of the water, fix all of those small dings in the gel coat, then you can perform the Magical Mainesail's mystery polishing practice...Suffice to say this is the one thing that will absolutely make you proud own a boat......and remove 30 years of oxidation. will take you and a friend (may not be a friend after this task) a week of good weather, a Makita polisher, and a lot of compound.. but you will be proud. now that you have the hull done. you can start the .......Dirty deck. All that mold and mildew will come out of the nonskid, it will take a lot of 2% bleach with lots of brushing use a white brush.... will save time later. rinse frequently.
Don't forget to take care of your ground tackle...... think about that 5/16 chain, windlass, and 66 lb. bruce....keep thinking...... keep thinking...... DO NOT INSTALL the 66 Bruce. (The doctor says my forearms will return to normal length after the swelling goes down. You will just look like a former east german weight lifter after a 3 week trip). Try to figure how you are going to put that chainfall down below the anchor locker. While you are running the cables for the windlass, take a break and try to put your new radar cable and power microphone for the VHF into the pedestal and tubing.
If you were lucky enough to get one of the 40's which was cutter rigged, immediately replace the lower inside deck cable brace with a solid hex rod, measure 3 times, cut once, go buy another SS Rod, try again... you get the picture.
Put on your bib and peruse the NEW FOUND METALS portlight catalog and think about replacing all your existing plastic Gray's portlights with $3000 worth of new portlights. Don't worry about the cost. That is only a third of what the new jib and mainsail will cost. While we are on the subject of sails, Replace that symmetrical Spinnaker. PERIOD. Not and option. You may think you know where downwind is, you may even occasionally/frequently even point the boat that direction, however...your spinnaker always knows where downwind is. ALWAYS!!!. And, different than whatever deity or belief you have... your lord will not take your sorry tail and throw you in the drink if you have a lapse of faith or awareness. However, YOUR SPINNAKER WILL!! There is 4 tons of steel always trying push your boat upright, but that spinnaker going the wrong way WILL swamp the boat. Get a furling gennaker or code 0. Your spouse will thank you. An unexpected fouling 35ft off the deck in a sudden 18 kts true, along with an engine that will not start, and only 2 miles left of downwind before the beach is not something you want to describe to nonsailing friends you want to take. sailing. It is probably like speed dating, fine if you are younger, much more difficult to recover from mistakes when you are in your 50's and 60's. That sail can easily pull your 10 ton boat at 6 kts... or you off the deck. Get an Asym on a furler. The other thing about your sail, find a loft you can work with or get the sailrite machine and decide to learn about sail repair of a 55 ft long sail in your basement. nuff said.
Finally, remove that nasty 1980's carpet off the liner. trim with teak or cedar. No carpets on a sailboat. Add a new propane locker, and buy a tank that fits. Install hypervent under the berths, do not take the interior cushions on deck. Hide the hose nozzles so no one can wash down the boat until all the hatches are verified closed by you.
Get some closed cell expanding foam, with a mirror apply to the underside of the deck at the anchor locker latch hole, you would be amazed how much water comes in that hole.
Taper the main bilge sole, with a matching sump for your pump, so the water drains to the sump.
route out the limber holes from engine to main sump.
get a shop vac, and some 1/2 in tygon tubing, suck out the water between the hull and liner.
Don't put the watermaker in the main bilge
Keep the AC wiring at shoulder level in the boat.
Use real brass hinges on the cabinets... they probably need replacing now anyway.
Check the engine main water pump wheel for cracks.
Disassemble the espar diesel heater and clean all contacts.
Contact this site for premeasured rigging.
replace the wire/synthetic hybrid rigging.
Find a source for the 1/4 -20 porcelain thumbnuts (and let me know who your supplier is)
Though an arch would be nice, we already had 2 2" masts on the transom to hold all the goodies.
Well, that sailrite machine you bought to service your sails could be used to make the sun cover for the jib match the new enclosure you can make with 1000 dollars worth of materials, and save yourself about 6K
