Re: What to do with this boat?
Before I start any project (such as this one) I always make sure the mechanicals are good. By that I mean, take it out on the water and see how you feel afterwards. Jet drives are terribly inefficient, hence the huge motor to make up for it.
Of course, disregard all that if you've launched it already.
As for my opinion, I'd put minimal $$ into it and get the interior nice, and enjoy it for a while. I think the brown looks acceptable - the whole "old is new" thing. Keep the retro look.
Sell it when the next project comes along. Of course, if gas goes up again, it might be a tough sell.
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