Update...not so bright...

[willy]

Jeff it comes down to this, what do you want out of the boat. The experience of building something, a project like many have done to these boats, old trucks or cars. Guys that do that do it as much for love of a project and developing their craftmanship. Many turn around and sell them when they are done for a pittance compared to the time and money they have invested. The project is the reward.
Others take a practical perspective and see the age of the boat, the value when done, their ability, how much time they have to devote to such work and the facility's they may need to do it. Some see it as their perfect boat when done and that again is it's own reward. God knows we are men, and that by our very nature we will not always do what is practical. We just do what we do, neither right or wrong.
We can not vote the project up or down in all reality. You have to answer the questions poised above and determine your own answers.
Either way here you will have supporters for whatever you decide.