hi dark - good luck with your project! i've also fixed up an old boat and learned a tremendous amount. the first thing that comes to mind is: is it too late to back out of your deal?? seriously, i mean this in peace and love and all that crap. i guess i could voice my two cents in another way: please be careful as to how much effort and time you put into your project as old boats are notorious for the lack of reward for all the cash and hard work people put into them when it comes time to flip the boat to the next owner. i speak of this from experience, trust me. you speak of a seized motor, lack of trailer, possible rot etc, a new wiring harness, no seating etc, etc. tossing out a number, i'd say you'd be lucky to get 20 cents on the dollar after you're finished. if that. if you could even find a buyer. once you get past a certain cash value, there will be other boats on the market to compete with yours when it comes time to sell.
people told me to get rid of my project and perhaps they were right. i just couldn't bear to do it after i started putting money into it but it turned into an almost never ending issue. (which i hope is resolved). at least now i have a boat and it's paid for, which is a good thing. but i'd be MUCH more careful in the future with any rebuilding projects i'd take on.
of course, i'd be happy to help with advise and procedures if you wish. good luck!!
frank