Those can be repaired, do a search on eBay there are people selling repair kits. Now the good news is that eventually you will get it where you want to but it may take a season or 2. So you don’t feel too bad, I’ve done 3 major repairs/upgrades on y old boat.
1) repaired rotted deck and stringers, did some myself and had the ‘glass shop do the more difficult parts. Did this back in 2006-2007. Also re-did most of the interior. Still is solid and looks great.
2) got sick of looking at the old faded red gel coat, tried buffing numerous times, it was just too far gone. So had it painted in red Imron, and it still looks great 8 years later. Looks much newer than it is.
3) engine overheated in 2013 ran well for 2 more seasons then blew 2 head gaskets. I took the cyl heads off my self bought a set of reman heads, and put it back together with new gaskets and new exhaust. Still running well 3 years later. The Cobra drive and transom assembly has been basically trouble free, very few repairs needed even in salt water. The majority of involved repairs were due to age. So, moral of the story, is don’t buy an old boat if you don’t want to turn into a marine mechanic, buy lightly used, just like a used vehicle. We don”t buy 15 year old daily driver vehicles, usually correct?
I am not as mechanically savy as you are. Plus, I don’t have the time right now. Changing head gaskets must be quite a project. I would take the boat to a mechanic but I am not sure if this boat is worth that kind of a cash based on everything I have seen so far.