I appreciate the comments guys, and understand completely. I'm a hot rod guy and racer so we know all about projects that cost money and don't get used nearly as often as they should for the investment.

I was thinking this boat could just be a fun little family cruiser to get the kids into boating. The wife loves to be on the water, and I think the kids will too, but I'm fairly certain they aren't ready for a 70mph +, loud, 4 people max hot rod like I want. 

If I went into a boat like this thinking I just want something that I can run around in with little investment, wax it up, do some cleanup, etc, and go out and have fun on the river or lake, will I still be looking at a money pit and not have fun? My thought was that I could spend a few hundred bucks on this thing by doing anything needed myself, and then go tool around in it. In two years either sell it, or more likely pull the 455 and Berkeley out of it for some other project. Keeping in mind that the 455 would have to be sold to some Olds guy who just "has to have one".

I'm a very experienced car builder, and can do glass work, any electrical, engine work, etc. Am I still getting in over my head?

I seriously appreciate the advice and information. Oh, and does the pricing seem right on the back fees on this thing or am I calculating them wrong?

I looked at that but couldn't figure out which ones apply. 

Is it  Original Application (except for nonresidents)–Submitted in an even-numbered year.  $29
Plus:  Penalty–for fees due in an even-numbered year. $15 x2 for the number of even years missed
         Penalty–for fees due in an odd-numbered year.   $25 x2 for the number of odd years missed
         Renewal (biennially)                                         $20 x2 for the number of renewals missed
         Renewal (biennially)–Penalty                             $10 x2 for the number of renewals missed
         Transfer                                                           $15

Does that sound like all the fees? Or am I missing something? If that is correct then the total would be $185 to bring it current. That seems low based on what cars normally cost with back registration fees around here. I am used to car fees, not boats.