If she's that soft, walk away....its a complete rebuild, especially if you're smelling mold in the bilge...the stringers are probably done, and if they are, so is the transom most likely......GW still uses wood...they switched to something new and has a better guarantee, but thats been more recent, not in the 80's or mid 90's range. As LI said, there are good used boats cheap these days....you can find an older gem if you keep looking.