For $50 you got a steal. First things first... welcome to the site! Happy you found us!! Since there are so many different things you just mentioned I will suggest that you DO NOT try to do everything at once. Take small steps.. do one project at a time. First, check the transom and the floor for soft spots. If they pass then clean it so you're not working in dirt with every repair. If it were me I'd check out the tank first, and once that's clean and I knew it wasn't leaking then I'd go to the wiring, then the engine. Once the major things are up and working like they should, I'd start on the cosmetics, like the floor holes, seats, etc. Get the majors done first. Just don't lose heart. You have a lot of work in front of you, but in the end you'll have one of the best damn boats in it's size that's ever been made, and you'll turn heads everyplace you go.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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