How many projects do you want to tackle. Almost anything can be done putting enough time and money
into it. Do you have the experience and tools to tackle this as a project
and how much other stuff will be on the list to get this project
If you can take a project boat and do a little here and now and then get some use out of the boat and enjoy it then start on another project the next season and alternate like this then go for it.
I wish I had a dollar for every project boat I've seen people start on with good intentions and a happy feeling in their heart only to give up a year or so into the project when what looked like a not too long list of things to fix seemed to grow as the work
progressed not get shorter - at least at first.
There is an old saying that whatever time you estimate for a job before starting on a boat - Triple it to get close to the actual time you will need.
I own a 1965 boat and have greatly restored and upgraded nearly every aspect of it over the 30 years I have owned (basically only the rudders are original) it and have managed to enjoy using it most every year for boating
trips of one type or another. By tackling it it a logical manner and taking relatively small "bites" at a time it can be made to work
If it will end up consuming all your waking time and spare money
you also have to consider what impact it will have on your family
time missed. Unless they can see a light at the end of the tunnel and feel they can get back some of your personal time with them using the boat it can become a source of contention that bogs down a "project boat" and leads to abandonment and wasted times and money.
Before you begin Look at this thing as a whole - what are you willing to do yourself and how much will you likely have to have others do for you.