I am late to this thread, but I want to add another take on it.
First, I completely agree that there is no way this makes financial sense, if your goal is simply to have the boat to sail. I think, though, that this might miss some of the point. The first response should not have been an outright "No", but instead the follow-up questions:
- What do you want to get out of that project?
- What is your budget?
- What skills do you have?
Most of the time, the assumption is that the person just wants a cheap boat. But, there is a great deal of romance and satisfaction that comes with the idea of raising a boat from the sea floor and restoring her. For me, that would be entirely the point, with this project. If I just wanted a comparable boat for the lowest cost, there are better ways.
As others have pointed out, it is not a practical choice. But that does not make it an incorrect choice. A great deal in sailing and sailboat ownership is impractical and, for most of us, it involves a certain measure of sentimentality. I have a hard time relating to sailors who are entirely practical. For me, real life is full of practical decisions. Sailing has to involve a good portion of impractility, or it is no better than real life.
I can definitely see a situation whereby I raised a boat from the depths and restored her. But, for me, it would have to be a special boat. And, it comes with the eyes-wide-open understanding that it could well be cheaper and easier to completely build from scratch.
This makes me think about an airplane restoration of the B-17 "Aluminum Overcast" that I saw, years ago. A group of volunteers was restoring this plane from REALLY rough shape. Not the cheapest way to get a comparable plane, but that wasn't the point.