Project Boat?

Recently I've been looking at the idea of buying an inexpensive "project boat" to work on and restore so it could be used for tooling around the lake, setting race marks, and towing boats to or from the race course. So, how does this prospect look to you?

The engine probably works to some degree -- it was disassembled and cleaned up, but has been idle for a long time.

The plywood floorboard and the cushions need to be replaced.

This is another engine that's available... for my purposes, 25 hp would likely be plenty.