The very first thing I would do is REPLACE the wheel bearings and races. Not a big deal on a boat like that to replace transom wood. Like a couple of other guys have said, go over to Tin Boats . Com. Loads of info on fixing up boats like that. Some very innovative guys on that board. That way you can gather ideas before you even start.great project and something to be proud of when you finish. Just gets some pictures as you go and share with us.
Proud Member of Team Geezer
Charlie Weaver USN/ENC 1965-1979