...I have a project Bayliner I got for the trailer....
If I understand this correctly, you got the boat and trailer, for just the price of the trailer. If so, I hope you didn't pay too much.
If have purchased two old, rotten project Sea Rays in the past year, both were on a trailer. In each case, I paid less than half for the whole package than what the trailer would have been worth if it was empty. For example, if a used trailer would sell for $2000 empty, with a used rotten boat from the 70's or 80's sitting on it, the whole package would be worth no more than $1000 (or less) in my opinion. The old boat on the trailer is a liability - you would have to pay somebody to take it away if it wasn't on a trailer.
In my case, I went into the deal knowing what I was getting, and I knew roughly what it would cost me to re-build the boats (one is almost complete). Both boats needed the stringers and transom, and a pretty much everything else, re-built. Both boats, however, have very solid hulls for me to build a new boat out of. Both boats also had complete Mercruiser drivetrains.
With a Bayliner, as others have mentioned, the quality of that hull is much more questionable. If you re-do the stringers and transom yourself, and do them properly, they will be better than they ever were from the Bayliner factory. But... if the hull is questionable (something you will have to decide yourself), is it really worth all of the work?
