Re: Is this Boat worth fixing???
Before you get too far into it, make sure you check the transom. My '85 1950 is in need of a transom rebuild this winter. Use the "tap" test, especially around the outdrive mount.
Like trackbolt said, "The plywood in those old Bayliners rotted fast and thoroughly." And parts are expensive for the Volvo/Penta set-up. Just take a look on eBay for the tilt assy, expect to pay $250 - 400 depending on condition.
But now for the good news. They are great on fuel. Even though they are expensive to fix, the Volvo/Penta runs long and strong. They handle waves well.
It is a great starter boat, or just something to get out on the water with. You wouldn't have a problem pulling someone on a tube or even a pair of skis, but is a little under powereed when it comes to a slalom skier. 25 -30 mph is about top speed for these animals. Hope this helps.
Doug