What a lovely looking boat, looks like a real bargain at that price.
I will leave it to others to comment on the cost of conversion (I am doing a similar size conversion here in New Zealand, but prices and materials available here will probably not apply. And, of course, it depends how much you want to do yourself.)
What I would like (perhaps start a new thread) is someone to explain how these legs work - in the picture of it in the shed the lines are off, and it looks as though they are bolted to the hull. You don't see legs much in New Zealand (in fact I have never seen legs used) but I know they are common in the UK. Can someone tell me if there is a thread on legs, or please start one with a basic run down on whats required? I rather fancy making a pair, if it is practical.
Sorry to bust in on your thread. The boat looks like a real beauty, a bit Scandinavian look - I am sure it will provoke plenty of response regarding potential junk conversion.