The center board pennant will likely be wire
rope that has either chafed through or a fitting has let go somewhere. It sounds to me like a short ride in a travel
lift to let the board down change out the pennant and thread it up the trunk.
I'm not so sure what you are going to be able to figure out when you see the
boat in person unless there is a snapped end of the cable showing somewhere or if you can somehow drop the board (dig a pit under the
boat etc.).
You will need to know what size and kind of wire
rope to get, what length, what fittings (swages etc) will be needed to re-attach both ends before you enlist a travel
lift.
One thing that will be difficult to check is if there is any chafing at the top of the center board trunk where the pennant goes up into the boat. This is usually caused by the varying angle the line takes through this point as the board is raised and lowered and the angle of attack at this fitting varies somewhat.
A friend at our club has a Tanzer 22' and it is a pretty good sailor for her size. It could make a nice
pocket cruiser. I have read similar
reviews of the T22 online as well and can honestly say that the T22 keeps up pretty nicely with my Tartan 27' on the
race course (PHRF @ 240).
If there is not much else that needs fixing it could potentially be worth your time.
Good luck and let us know how you make out.
, anyways shes been 
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