Jason,
as said here first thing is to clean her up good. Then look her over carefully from bow to stern. Keep a note book and make notes on things that look like they need work or need replacement. Check all of the standing rigging for any loose or missing rivets, missing nuts bolts or screws, cracked brackets ect. Take some pictures along the line of things your not sure of so you can come back here and post them and get answers.
If your familiar with basic running rigging (lines, pulleys and cleats) you can get an idea if you are missing any parts. Keep making notes and then when you have finished your cleaning and inspection you can start a list of what the most important things you will need to do first. Some things may need work and some may be OK for now.
When I got my little boat. It needed some glass work and paint for the bottom. I started there. No leaks, and sturdy hull was my priority - you may not need that. I looked at all the pictures and books that I could to figure out the proper way to run my running rigging. I found a few parts were missing. I needed to buy a coulple blocks and some lines. I then went on to less important things like refinsihing the teak.
I then raised the mast and attached the boom in the back yard (while she was pointed into the wind) and raised the main and completely rigged her. I made sure everything was proper and squared away. I then added a few things like a boom lift and a rudder lift. As I ran through the whole idea of sailing her in my head I thought of other things needed. By the time I was ready to put her in the water I had covered everything pretty well.
I am still tuning and changing things as I sail her more and more. Im a hot rodder and tweaker at heart. I love setting things up to make it easy and fun to sail. The notes and pictures are always helpful when you want to go down to the marina and get some help there and they sure make a nice record of all your hard work. Remember the more work you can do yourself the less money you will have to spend. Make sure when you get her in the water you have all your saftey gear on board plus anchors and rode.
God Bless, jimmyb