Gladly - I'm not usually worth very much in the restoration forums, so it's nice to actually have a real opinion
3 to 5HP on the back of that boat is what many sailors will use to get in and out off the pier, so you're fine that way. She won't steer like a power boat because the hull doesn't have any sort of a keel line. That might make steering a bit funky here and there - but nothing unusual to the hull design.
The grip tape you're seeing is for feet. When sailing (especially when running hard), you sit on the gunwale of that boat (most likely) and the grip tape helps you keep your feet in place. When sailing that boat, you sit on one side or the other to counter act the wind force on the main sail. She's probably designed primarily for one or two, but could handle three or four. The beam of the boat will help the stability, but it's still gonna' require some balance. I've seen these hulls used like this before and there's not much of a risk if you're just aware of what you're doing.
With the water that you had coming out - and the foam maybe being kinda' wet - there's a chance that you have some rot going on inside that hull. The stringers / supports (for the mast) and such may be damaged. That would require pulling the top cap off and doing some restorative work. That's a tough call on a boat like this - she's not gonna' be working even as hard as she was designed for, so it's probably not "dangerous" to use as is if you're on pretty calm water. BUT - stringers are the bones of the boat. The minute the hull has real stress on it, then you're running the risk of breaking up. Would I put the effort (a lot) into rehabbing a sailing hull to go catch fish? Probably not. I'd use it a bit and then find something else later.
You can stand on the forecastle (forward deck), but look under that stowage and see how reinforced it is. Some of 'em were designed to handle a body standing on 'em to rig sails and such ... others just kept rain off the sail bag.
There's a bunch of cool sailboat hull conversions out there. Just understand what the hull was for, and that'll help you repurpose it.