...any advice and/ or possible problem areas to look for?
Don't let anyone even give you this boat (or any boat) without a survey by an accredited marine surveyor. A free boat can be one of the most expensive things you ever acquired.
These boats have fewer structural problem areas than most of their vintage due to the use of only plywood for core in a few areas such as the cabin top and cockpit floor.
Because of the high shaft angle, re-powering these boats can be more expensive and complex than most. If that engine is as bad inside as it looks outside, you probably couldn't insure the boat for what you would have in it after a new engine installation.
If you can restore this boat, you will love it. In the long run, most restorations will cost you more than if you found a boat in better condition to start with. The difference in cash flow can make a difference but restoring systems is painful. Spend some time in a marine supply store and figure out what it cost just to join two wires or put a terminal on the end or to put a "Tee" into a hose with the six hose clamps required.