I agree with Droid. It's a question which requires more information than the boat model and engine/outdrive information. I would argue that your personal love of this boat and budget should also be considered. If you have unlimited funds and you really love the boat then go for it.
Keep in mind that with an old boat you may find that you feel like you find a new problem every time you work on it. Even things that seem functional on the surface will need maintenance.
What shape is the hull in?
what shape is the deck in?
What shape are the controls in?
What shape is the trailer in? Good tires? Rust?
Was she used on salt of fresh water?
What shape is the transom in?
What shape are the seats and other interior components in?
Then there is the small stuff. - Batteries, seals for glass, cleats, paint, trailer tires, bellows, bulbs, blower, bilge pump... whatever is old and worn out will cost you more and it will add up.
I am currently restoring a boat that is 15 years newer than that and it has been bag of surprises. It has been way more expensive than I thought it would be when I first got into it, and has taken years longer than I thought. Life doesn't pause for your project, so expect the project to take 3-4 times longer than you think (unless you are paying someone else to do the work).
Something I urge you to think about if you plan to keep it is throwing a conversion bracket on the transom and trading up to an outboard. I debated on that for a while before going ahead to rebuild the OMC my boat came with. I'm still kicking myself for that, but I'm up to my eyeballs in this project and beyond the point of no return. Trying to find the special tools to work on it myself has been painful. Sometimes when you can't find the tools at all you have to pay a boat mechanic who has them just to do 20 minutes of work because he has the tools. I had to pay $400.00 just to get some of my components to be measured for shims. If you switch to the outdrive you can pull all your I/O components and sell them.
If you are interested in brackets I included a link to an image below. This is the cheaper style for one motor. If you want multiple outboards, or one that has a swim deck between the transom and the motor it will cost more. They start around $700.00 and go up from there. If funds are limited you can get a used outboard for now and upgrade later when it makes more sense for you.
https://internal.bdoutdoors.com/2016/07/1292489_e61ded42c7af0a62118549703107ae01.jpg
Now with all that said, I'd encourage you to start a new thread in the future for your specific question. This thread died in 2011. Starting a new thread will get you a better response and make the information more organized for those who come after you to benefit from the questions you have asked.
I hope this helps, and happy to share my two cents further if you start a new thread with any further questions you have. If you do start a new thread, consider throwing some photos of the boat on there, it could be helpful to get you a more detailed response.