Congrats on your new project, Sailor.
The fact that its already stripped will be a helpful start. Good time to reseal the cap all the way around if not already done to keep the cabin dry. Check for water seepage around the scupper blocks, too. Presumably you'll raise the transom to 25" if you're redoing it.
Nothing against Douglas fir, but mahogany or teak ply offer a timeless salty look and detail. Go with your gut there.
Your consideration to keep the motor light as possible is also wise choice. Your boat was designed with a 300 lb 110 hp Merc in mind. 115 to 140 hp will satisfy, and keep you upright. That boat will get airborne at 25 knots in anything over 2'. Nonetheless, it will land gracefully and you won't spill your drink. It's a very cabaple 20 footer.
Good luck with the project. May you board many stripers, bft or whatever your quarry. Look forward to your progress
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