Of the ones I've seen, the transom has wood in it. They usually rot out at the exhaust, and next to the pump.
If the stringers are gone, and the floor needs to be rebuilt, and the interior is 40+ years old, maybe grab the 460 and the pump and put it in a better hull.
How are the fuel tanks? if they are fiberglass, they need to go too.
What condition is the 460? Does it run?
Are you in love with that hull? Otherwise, RUN RUN, RUN...
But, I too, have rescued some questionable boats...
Dan'l