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First thing I would do is replace the brass drain tubes. Then seal the weld line again. Make sure no water can penetrate the transom. Then restore the gelcoat, following the wetsand, compound, polish, and wax process, like what jw0287 suggested. You can remove the old vinyl glue from the gunwale using acetone. Ready to restore with a plan of sanding, filling, and painting is oxymoronic. Restore to the original configuration and you will have a jewel to treasure for years more.