Well, it's coming along real good, so far. Starting to look less "green", and more like a drift boat!
Other than on the inner transom (removed) we have found -0- dry rot on this boat. All wood is good.

The exterior paint has been on there a long time, and I found that there was a base coat of white, a primer coat of gray and then at least 2 coats of the green gunk. I can't see any way that the sides (or interior) will be clean enough to stain, so I'm going to repaint the exterior as well. Not Sport Green! (Likely a dark, Forest Green on the sides, with the oak trim (gunnell rails, etc.) done in a light stain and varnished).
Last Monday, after flipping it over, my neighbor and I were removing the last of the screws/nails holding in the inner transom. We found that there had been an additional piece iof 1/4" ply secured to the bottom, with (now rusted and rotted) screws. We removed it using a pry bar, and found the original 1/2" ply in like new shape (except for the 20 screw holes which I need to fill).

Also have to replace both chines. The old ones were Oak strips, but not quite tall enough to cover the inner chine completely. I may just have to fabricate some new ones if I can't find any strips that are 14' long.
Had the pleasure of meeting a fellow PP'er (lurker) at the local hardware store, and Bill offered some great suggestions on finishing the bottom. (Thanks Bill!) Considering that this boat has been in the water many times over the last 20 years, it would not be prudent to glass over this bottom. (which would seal in any moisture and create a environment for dry rot of the worst kind.) Plans are to seal the screw holes, sand it smooth then add 2 coats of CoatIt or GluvIt.
Here's a shot of the paint pile...just from one exterior side!

Mike