Re: 1985 Bayliner Capri - Is it worth it?
You ever hear the one about the farmer who is still using his grandfather's axe? He's replaced the head once, and the handle twice, but he loves his grandfather's axe.
That said, I'm restoring a '94 Bayliner Capri that I pretty much picked up for nothing, and while I think it's as silly as restoring a '90s Ford Taurus, I love doing it. I've torn the engine down to the block and rebuilt it back up again, and now I'm replacing all the rotting decking (mine sat under a tree for a while in a friend's lawn and had a sapling growing out of the bilge). I could have bought a nice working family boat with the money I've put into it the last year, but working on it isn't rocket science, and after staring at a computer all day at the day-job, it's nice to work with my hands.
Sounds like you have a nice project if you want to tackle it. If the engine block is in good shape, virtually everything else in it can be reused or replaced. My $0.02 is that if the stringers and transom are solid, then you're 75% or more toward a fun boat if you don't mind the work and time.