JT,
What you have my son is commonly known as a, "project boat".
My 1980 boat was a project boat also. It took me over two years to bring it up to a condition I was happy with.
The good news is that when getting to this point, you will have gained much in the way of knowledge. The downside is, that you pay-as-you-go related to costs & hours of work. But, if the major items are fixable/repairable, it can be worth the effort.
I had a sick looking 5411 also but, it was easy to get working. Your alternator looks suspect but, don't judge a book by its cover. there are ways to check this, but I would clean the connections first. If it will not start, I would take it to a rebuild center & have them check it. Don't go marine, as your alternator doesn't know if it's in a boat or a car. They deal with the same corrosion problems. But, the price will be better.
As for the engine, I would first check the oil for a milky residue. This will tell you there is water in the oil. Next, I would clean all electrical connections. I use a 3M scrubber pad for cleaning these. Check the condition of your Hurst tranny housing/drain plug & check fluid level & color. If not a pretty red, it may need to be changed. You may also want to purchase an electrical corrosion block spray for these before & after tightening.
Check the linkage & wiring harness. Pop the engine control off & check the instruments & wiring/connectors. I would clean these also. Pop off the electrical panel & check for the same. Check all fuses also. You may want to also look & lube your shifter & throttle levers.
As you go thru your projects/repairs, start building an organized file folder of parts, engine etc. manuals, schematics etc. for quick reference. When the engine is up & running, you can always clean it up afterwards.
And most importantly, remember on this site, there are NO dumb questions, only maybe some answers. The guys here are pretty on the ball from the experience they have leaned along the way & can pass some "work smart, not hard" advice.
Remember, knowledge is POWER so, have at pal..........good hunting.
CR