All in all not too bad...the only real problem I see is the shaft coupler being rusted together...but easily replaced as well. Will be well worth the time, money and energy to bring her back. The trailer will be easy...sand blast and powder coat... are you going to redo the interior yourself?
Please keep us posted with photos of the resto.
...A bad day water skiing still beats a good day at work...1995 Pro Star 205....