Jay,
I've done plenty of work on my 1981 Maramu in the last 4 years, Engine and engine room, transmission, new shaft, fitted a water maker, new cutlass bearing, prop, fridge, furnishings, cooker, headlining, partial wiring, new electronics etc. A previous owner replaced all the deck gear with Harken and added new sails plus other jobs like anchor winch.
I can see your thinking and appreciate the satisfaction of doing something up - but this really does look like a mistake in the making and you should keep looking for your project boat.
Best wishes
John Maramu #91, 1981 Popeye