...until one of the experts give you an answer I'll say a few things. It depends...on several things. The integrity of the basic structure is the first thing to look at. Then consider the preparation you are going to have to do before it is ready for new epoxy. One thing to consider right now is that a boat that old may be polyester/fiberglass, rather than epoxy/fiberglass. I hesitate to say any boat needs to become a flower pot...but it does happen. Probably not in your case though. Anyway...you will be getting into a lot of sanding and preparation before you are ready for new fiberglass...if needed. I'm not sure about the polyester/epoxy question or the compatability thereof, but possibly a search on google, or another search engine, with the apropriate keywords, will yeild more information. I lean toward refurbishing the boat.