What class would the boat be rated for if you were to ocean race? Are you talking true off-shore distance racing or round the bouys at your home port? If it's the former forget it. If it's the latter then look into what other boats are sailing in that rated class. Tha rest is time, money and judgement on your part.
I always encourage people to bring these classics back to life even if they are just old wooden boats. They are a real joy to sail. The undertaking should be for the experience and the joy associated with breathing new life into a really fun sailboat.
Once again thank you all for your comments. Just to clear up what i said earlier. I would not be trying to race the boat competitively. Just try to get in some fun races on the ocean with friends. I was just looking for knowledgeable people on the design of this boat and the intent for the boat when she was built. Im familier with newer boat design but was looking for some old timer racers and there input on the boat. Thanks everybody for your comments.