Gerry, is this the boat you have now? This and the other pics it looks a scrap job.
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No. That is the ex PT-486. It was the boat I worked on from 1979 to 1984 when it was the Sightseer. I had headed up to Kingston, NY to survey the boat for purchase, but it had too much damage. Believe it of not, this picture is actually not bad. What you are looking at is a layer of plywood veneer (1/4" that was nailed to the bottom of the boat and then covered in epoxy. From the boat being out of the water since 2000, the hull dried out which makes the wood planking shrink which then caused the staples to fail that are holding the veneer. The veneer needs to come off anyway so no big deal.