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I would get 2- 2x8x14' and 2 2x8x8' and some 6 mill poly. Build a form and line it with poly. Fill with water and get some help to put boat in water. Add weight to stern to simulate motor, add weight to simulate people or just have them sit in the boat. If you can easily take it to water skip this step.

Compare the water line to the one painted and also compare it to pics on this site of the hull you have. If it does not sit much lower than it should, it is probably worth the effort to repair. Especially if you are just planning on using and not creating a show piece.

I did a major repair to my 16'6" after almost everyone that saw pics said trash it. I spent about $350 total and maybe 30 man hours. That was almost 4 years ago and I am very happy with the outcome. My foam was dry so it made sense to me to repair.

Of the $350 about $100 was on a epoxy barrier coat that was really over kill.