It will make a very nice restoration ...
Did anyone ever figue out what the hole in the starboard side rear is about?
Jack
Somebody else said it looks like the current owner didn't want to go thru with the restoration (I thought the same thing when it looked like the rub rails had been recently removed). That sounds like an accurate assessment to me. I'll bet the current owner has no other boat and thought that restoration would be quick so that he could get on the water ... then reality set in.
In your case, you already have a very nice boat and this is truly a project that needs no urgency. It also sounds like you are simply considering a budget for restoration and it doesn't necessarily mean that you will be sacrificing your current sailing budget nor does it sound like you are concerned if the money can be recouped in a future sale.
Good luck with your plans. I think the boat can be awesome when you finish it! Why not take the inboard out (it looks like it is questionable if it even runs) and do something else with the cockpit space? The table over the engine makes a nice feature and seems to add some brace points. The space underneath could be used as a locker. You may not need an engine at all if you use it as a daysailer and keep it on a mooring. Or you could possibly add a small gas or electric outboard.
I'm still baffled by the hole in the bottom ... how could it be used for an outboard mount when the opening is below the waterline? Besides, why would there be a mount for an outboard when the boat has an inboard engine?