Lot of good responses here, and some... well, others. Boiled down to:
1. If already documented use one page Coast Guard Form CG-1340 notarized and filed. Done. Go sailing, carry a copy with you, don't worry about the wait time.
2. State registration
. Don't do it if you don't have to.
3. Get the Title Search yourself for 25 buck off the National Maritime Center website.
4. If not documented you can do it yourself, easy. If foreign built, a little harder, If foreign built and you want to use it commercially, definitely harder but not much, depends on the area.
5. Try to get a Builder's Certificate. Not necessary but ask for one.