Clean everything up as best you can, do the minimum and get out sailing.  My boat was in similar condition and most if the ideas I had about it initially, projects like a bowsprit etc, were not at all what was needed.  Getting out sailing will give you some clear ideas ASAP.

Check out poli-glow  http://www.poliglow-int.com/.  I painted my decks and realy wish I hadn';t.  DId my hull whick was in terrible shape adn it cam out fantastic.  Very easy, wihyt incredible results.

The boats seem to take abuse in stride, mine had the aft cabin full of water for a winter with no real damage other than the cabinet.  I have the exact same light blue stripe.

Where do you live/sail.

Bob
SV Surrender
Sturgeon Bay, WI

Thanks Bob!

Yeah, this year is going to be the stripping year. We launched her this weekend, and got the cobwebs and mould off her underdecks. The battery box had been underwater, so two new marine batteries went in, and new terminals on the wires. Got the cabin lights on, but the engine won't kick yet, and the bilge pump is still silent. (Yay hand pumps) she doesn't seem to be taking in anymore water, but she has a rotted out coupola and a vent cowl that got kicked off on the last pull out. So right now those top the list. I'm still debating building the boxes versus buying the prefabbed ones at West Marine and retro-fitting them. The vent cowl seems to be an odd size, too... I'm finding much on this boat isn't "standard".

All the laminate wood around the cubbies in the fore cabin are thrashed. (Was that teak?) The drawer box and all the doors need to be pulled and refinished. There's some mould in them, but they're pretty integral still. A good strip and varish should set them right. The cushions suffered horribly, so they have to get pulled too.

My father was pretty meticulous, and I think that saved her more damage. I have her ships log, too, so I have a detailed account of all her adventures. (She's sailed in most of the big water around the US. She's been in the Pacific, Gulf of Mexico and the Great Lakes. Once she's more worthy, she's going to get hauled out to the atlantic... My wife is From Duxbury Mass, and we'd love to sail on the ocean a bit.)

We're in upstate NY now, and sail her on a man made lake called Sacandaga. (http://www.visitsacandaga.com/)

-Greg

Welcome to the PD Yacht club.
Good advice from Bob and Steve.
The cubby boards on my boat are 3/8 thick ply and had a faux teak paper finish on them so I painted them, this winter I plan to put teak veneer on them.

Steve, what is the boom to backstay problem?

We plan to be around Marathon (Florida Keys) the week before Christmas for a week or so, hope to beat the nor'easters and cold fronts that start about that time of year, cold front meaning getting down in to the 60s, (sorrry guys) if the nor'easters come we can duck into the gulf of Mexico, the six mile bridge is the only place that has clearence to get under with out going around Key West or up to Key Biscayne.
The Bahamas are out!! the Bahamaian Government has priced themselves out with excessive fees and regulations for the short term crusier.

Now, Consider this
The fastest plane can not go further than the slowest boat

A great Thanksgiving to all