Yes the Coast Guard Regulations do NOT apply to people restoring boats. They ONLY apply to the Manufacturer of the Boat when it's originally built. Call the Coast Guard to verify. This Has been discussed Ad Infinitum on the Forum.
This might be helpful
http://www.jamestowndistributors.com/userportal/pdfs/SafetyStandardforBackyardBoatBuilders.pdf
I believe someone else has previously done this but just to make sure, I've contacted and am awaiting an answer from, the USCG on the topic of their Regs and how they apply to Back Yard Boat Restoration. I'll post their answer.
If you think about it, there's absolutely no way for them to enforce them on a Personal One on One basis and no Way for them to verify "After the Fact" that they were followed. They will NOT force you to cut open your deck to ensure there is the proper Flotation foam installed.
If I'm mistaken and proven to be wrong, I'll be the first to admit it and Post my apology to all the iBoaters I may have misinformed over the years.
Again, I'm NOT saying that they should NOT be followed just that they are NOT required or enforced on Individuals restoring their boats. I will say that Insurance companies might have an issue IF there's a catastrophic event and they discover that the boat did not meet Coast Guard Regs!