If you're asking pros/cons of rebuilding this boat, I would say it looks like a decent candidate....as long as it's what you want.  The Olds, I'm sure you already now, is not the most desirable power plant.  The WJ isn't bad, it's a decent pump actually, and can be made to work, but again, it's not a Berkley so parts are not as readily available.   Boat and trailer look ok from what the pics show, but you would need more detailed inspection for severe damage or rot. 
When it's all said and done, general rule is you'll spend at least 1/2 as much MORE doing a resto as you would just buying a working boat, plane, car, or what ever you're thinking about building, and I don't care who you know or how talented you are with resin, wood, metal, torches or a paint gun.  Accepting this financial fact, these projects have to be a labor of love or they're not worth dragging out of the weeds.  If you still want to do a resto, by all means start taking pictures and posting up what your doing.  We all love a build thread.  Good luck.

Thanks for your input I know its going to cost more I've built a couple cars and looking for a new project. The 455 is my only real concern but I can get the whole thing for $600

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Like my pop always tells me, "don't buy it unless you can steal it"...

You simply cannot get hurt for $600. The Place Diverter alone is worth half that.

If the motor has good compression, I say rock it. Maybe some oil system upgrades and re-gasket  and let her buck.

The only thing I would recommend is to inspect eh fiberglass on the bottom, those are the worst types of repairs to have to make. You can all but guarantee that the wood is toast in the floor. Does the guy have the seat frames at least? May save you a little design time.

GT

Thanks for your input I know its going to cost more I've built a couple cars and looking for a new project. The 455 is my only real concern but I can get the whole thing for $600

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$600 is the tip of the iceberg...  I'm seeing a couple thousand to get it to my liking.  Whats the year stamped into the tires?  I'm guessing you'll need to replace those, thats a couple hundred right off the bat... judging by the outside of the boat, the pump will probably need some rebuild work.  engine will probably need to be gone through unless you like to tow it to the river and have it break down in the first hour and ruin a trip, etc. Tanks cleaned. Basically you'll need to go through everything and double check it.  Hoses, wiring, safety, yadda yadda. 

I'm no stranger to wanting a project but *I* bought mine as a project because I knew if I bought a complete runner I would just end up going through everything and redoing it to my liking anyways.  How handy are you? Not being able to do simple things yourself is gonna drive up costs and time as well.

The biggest question is whats it worth once you're done?  My guess would be 3-5k in a "running" condition and around 5k in a complete restore.  The 21 cruiser's tend to keep good value.

IMO...600.00 boat shouldn't be a deciding factor. Because in the end you're going to lay out a lot of coin. Might as well start out with what you consider one of your favorite hull designs and pwr plants. Not because you scored it for 600.00$


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If everything checks out and you just need to clean it up. I'd say you're off to a good start.
Boats possess a lot of unknowns.
Good luck.

-beerjet-