I would have a few concerns. Off the top of my head
and in no particular order.
1. Steel hull
of that age I would survey
carefully to make sure it has not lost
thickness or strength over time. Note that steel
boats usually corrode from the inside where water
collects and sits over time.
2. If converted from a motor
lifeboat, unless keel
and ballast were added it might be a bit tender
under sail. All would depend on the original design and the method of conversion.
3. Probably not a fast or close winded sailor.
Probably more things to consider but will have to think a bit to see what else might occur to me. Bottom line, unless you are a steel boat expert, no matter what else get a good survey