I appreciate the comments guys, some have been a reality check but all very positive.
COZ, thats awesome you got to spend some time on the west side. The waves tend to be less crowded over there than in town. I live a three minute skateboard ride from waikiki and have been having some of the best south swells we have had in years! I have never ski'd or wakeboarded out here (yet) but there are a few really nice lagoons and harbors that allow towing so the boat would be fun. I would be hesitant to take this boat out in open water in anything but the calmest of days.
nkorep2, that is one badass rebuild you have going. Thanks for the encouragement. I spoke with the seller yesterday and we talked about the current condition of the boat since he saw it last two years ago when it was parked there. I offered him 500 and he didnt seem offended at all. He said that there is interest in a few parts off of it but he would rather see the boat be revived than part it out and let it die. From what he said it was given to him as payment on a debt. He already has a nice sailboat so when this thing took a crap he didnt have any driving force to dig into it. Its sitting in the harbormasters lot costing him a 100 a month to store it there. Anyway, Im waiting on him to go look at the boat and asses my offer after looking at it. The guy seems really cool and has already told me of a few people that he knows can help with a rebuilt 351 marine engine for $600 and sounds like he knows a lot of contacts in the marine industry and would be willing to help me with the restore along the way (not physically but logistically I guess would be the way to explain it). So hopefully the boat will be bought for next to nothing and then all i need to do is find a trailer that can be made to fit. Not sure how hard it will be to cut and weld a trailer to fit...? And then start tearing into her. The cosmetic stuff is not much of a concern right away. Eventually I would love to make it shine of course. My hops are that the tranny can be rebuilt and the shaft and prop/rudder assembly are all okay and just need some time on the ol wire wheel and grease gun. I think the hardest thing is going to be the dang windshield, but thats a long way from being on the top of the priority list. Hopefully my next post will be celebrating the purchase of a mastercraft!!