Hello Everyone. !
I have ben M.I.A. a long time.
But I just happened to stop by and I had to reply to this.
You have been given as good advice as possible by some of the Best and These guys have been there done that, got the T-shirt and membership cards.
1st. you are not the only one this has happened to.
My guess... about 99.8% of the "free boat" "good deals" end up about word for word of what you posted.
I have tackled a project fully knowing what I was in for.... started 5 years ago.
Shattered my ankle, both bones, 12 screws, (2) 3" long deck screws holding the ball in place.. And a 10-12" plate, About 2 year recovery.
So I get it...
My project was/is and forever will be, a 19' CConsle Mako 1969(same age as me)
I pulled out 600+ lbs of soaked/saturated, wet foam in gunnels and under floor. my transom was shot but the stringers were only wet, not rotted, But I am laying new beside existing and re-covering with more fiberglass and epoxy. rather than remove and distort the hull.
But I am Beefing everything up to to be extra safe.
My boat lasted 50 years and I would claim the way I'm doing things it will last another 100....,,,, If I Ever get it done.
I am no expert, but here goes.
If you had 400 lbs soaked foam that is part of you total payload that you failed to mention.
I think you hit it when you said it would sink with 2 more people on board.
There is a very good clue. The boat is warning you...
Take Those Thoughts To Heart and REMEMBER Them.
You "Could" have 0 capacity left with just you and the Dog.
Not wanting to get on plane is a dead giveaway of being overweight, engine trouble, underpowered,. or all 3.
Last thing you want to do is have things let go and something bad happen that involves a lot of water swallowing your vessel. with 3 people struggling,. (and a dog)Get your dog a life-vest too, I have 2 for Mine.
There is nothing wrong with a full restore,. If you truly love the boat.
In my case, the boat and me hatched the same year, so I had a strong connection to it.
Did I mention I have been on my project for 5 yrs and probably have 5 left rebuilding 2 ocean runnner 150's.
These projects seem to loom on forever, an ole lady starts gripping, kids need college or a car,. or new hobbies take higher rank., the house needs work,
or
3 clients filed 13 or B.rupsy, (been there seen that)
Watch 2 movies and these will ring very close to true.
The Money Pit, with Tom Hanks. and
The Never Ending Story, Disney.
Slow down and drive that boat like you are hauling dynamite,
If you see high wake or waves, I'd slow down rather than slam into them.
I know that's a buzz kill.
But safe is better than sorry.
Cheers, Peace Out, and good luck.