I think at even 1000 it could potentially be a reasonable project. I know I sound crazy saying that. That is if it had a windshield. In my eyes that gonna the pain in the but part. Youd be surprised, that block may actually not be a gonner, the question is why it was parked and left alone???? An engine block is basically a peice of metal, and assuming you could free the pistons and there is oil in there, who knows? Id plan for a new motor.
Transmission is a velvet drive, Check fluid levels, if there is transmission fluid in there, and the transmission wasnt submerged, you may get away without having to replace the whole thing. Clutch pack, seals and main input shaft cause its probably pitted.
Whoever said the guages are shot is also probably wrong. I bet they work. The speedos probably dont, and youd have to go through all the wiring, but they look better than mine did. My speedos were gone, but so far every other gauge has worked. They'd be an easy clean up if thats the case.
With the hull, you may actually want to cut a section of the floor out and check if there is water underneath, I had water in mine from water standing in the boat. No big deal, dry it out and glass it back in.
Id say the biggest question is whether or not you are willing to enjoy the process. If not, then its not worth it if you get it for free. If you are ready to enjoy it then go for it! Take your time.
Here's my project. http://www.mastercraft.com/teamtalk/...ad.php?t=47157