If the motor and trailer are truly in good shape, that's worth $200 right there. My first boat was a $200 waterlogged mess. It took a lot more time and money than I ever expected. Read this forum to get a good idea of what you're getting into. Set your budget and schedule, and then triple it. A rebuild is a big deal. A redesign, even more so. If you decide to go for it, you've come to the right place. Read, read, read, ask questions, and read some more. Keep in mind that large splashwell provides a lot of support as it is. You will need to build sturdy gunwales in its place. You don't want any flexing in your hull.
Best of luck.Safety first!