bayliners are great looking boats, what wood said is true though on the smaller entry level boats from almost all builders, I know first hand wellcraft never even sealed in stringers on my 17 footer i did, so take it as it is and build it better then it was ,
the thing about it is you will never ever get out of any boat what you put into it so if you like the style don't ever let anyone tell you its not worth it cause none of them are

onto the boat.
mercruiser 3.0 is usually the entry level engine however its a super terrific power plant modified industrial engine as in, its used on oil wells and generators and constant abuse.
4.3 my observation is these engines are basically the car engine marinised "early models" newer most likely unaffordable models are much better, haven't ever seen one for sale that's actually running or in great shape when trying to scavenge from a derelict donor boat,
then you have v8 mercruisers I would check before going with this , if your boat can handle it.
outdrive will need new waterpump,gimball bearing, bellows and shift cable at minimum pressure it up to be sure its ok .
the rest:
stringers and transom should be gutted and replaced before doing floor exterior plywood /seacast/arjay6011 polyester resin is fine , epoxy works too very well but not game breaking if you don't use. depending on how you want to go.
fuel tank fuel lines check tank the fuel lines will def need to be replaced at that age,
existing wiring harness if not a mercruiser you will want to snag from donor boat so you have plug and stuff, it just makes it easier.
fittings all fit out stuff should be good quality stainless through bolt everything and also check top cap for rot where things bolt up like cleats , it might be easy enough to decap and flip top cap while doing stringers and take care of those items at that time.
steps i would take if me.
1 clean out completely
2 build a cradle on ground to hold boat in proper shape
3 decap boat
4 gutt anything left inside down to pure hull
5 decide on powerplant and make new stringers transom to support that power plant
6 reinstall new tank or existing tank any wiring chases that are under deck and deckthe hull with underside of deck glassed in only
7' foam in areas you need to by cutting holesaw holes and saving plugs to go back in , cut two holes per cavity foam and put caps back in before glassing top of deck(at this point make thickened areas for mounting objects if you need to like seat bases"
8 while that is curing flip the top cap and grind out any wood blocks that you might need to replace for mounting i used pourable material in mine so they would never rot again

9. install engine and wiring while cap is off to make it easier and not to have to work around cap unless wiring goes inside cap then just install engine and out drive.
drop cap on and hook wiring up
10.test engine
11. now put finish items on boat as in carpet seats trim
12 pop boat back on trailer new or refinished

go crabbin fishing skiing or whatever

sorry for long winded post. its raining
