We did it
on our 87 34 we had the same mess. FIRST find the leaks and fix. I ripped out the aft area first. I used straight bleach and a cloth to wipe down the entire wall to remove the mold and mildew. Note that this stuff is really strong and you need ventilation and dont work for very long. Like a couple of minutes will do. I left ours sit until i rebedded ports, siliconed the tow rail, tighted the tow rail bolts and siliconed anything and everything on top. Like majic my leaks stopped. We bought our carpeting at the fabric store. Is is lighter weight than what was in there and therefore easier to work with. We used contact cement and worked as a team to install. We eventually did the vberth and main cabin sides also. The old carpeting was hard to pull off the walls. My wife used a razor knife to help as i pulled. Big improvement along with new cushions, three coats of varnish and squeaky clean bilges. It's alot of work but worth it and i can feel good about having friends down.