I merged the new topic into this 1
Its not likely to be "worth" it, even if the motor and starts and it and the outdrive both run good.
BUT, you already own this boat. Many (most? All?) boats older then 4 or 5 years, and below $5K are highly likely to have the same problems. Some just more well hidden then others. Some owners sell thrashed boats w/out full disclosure or after doing cosmetic work to hide possible problems. Deck-overs and new carpet/interiors are prime examples of sneaky sellers.
Maybe you'll like rebuilding a fiberglass boat, probably better then done at the factory. Making it your own. Many dont, it can be hot, itchy, nasty work.
Dig in and see what its like working on a fiberglass boat and see if you can get the motor to fire (dont forget to run water thru the outdrive (w muffs). Then decide if this is the boat you WANT and that you WANT to rehab.
Maybe the motor runs and you can transplabt it into a better condition boat w a blown motor, then junk this Galaxie. Maybe the motor is shot, but yiu like this style boat, find a junk boat w a good motor to swap into your Galaxie. Countless members have done either option.
At this point you own it, and knowing its got rot, transom to probably, you wont be able to sell it for more then you paid, unless the motor runs great and the trailer is in exceptional condition.
Worth it? Sure in pride and being able to say you've touched ecery inch of it and redone it better then factory. Plus you can spread the costs out, as you need materials, you buy them. Unlike paying 5K upfront for a different, also unknown condition boat or agreeeing to 5-15yrs of boat payments.
Worth it to get all your money back when you sell it? Maybe, maybe not, and either way you're likely to have provided 100% of the labor for free... thats why ya gotta really really WANT THIS boat..
good luck.
dig in and read thru some restos. Most give a pretty good description if effort and time to do it