Pull trigger on deal or let it pass? Opinions..?

[northfork]

I'm in snowy NY looking at a '74 23' CC in Fla. Boat has a '94 250hp Yamaha on a bracket. Going down this weekend to see it - sea trial, surveyor, compression test. Asking price is 20k. Had a friend who lives down there look at it. His opinion was the boat looked well used, with original looking guages and electronics with very old wiring. Said the hull while faded looked good as far as he could tell as it was in the water. Deck was solid. His major concern was the engine. He says a 10 year old engine is old by Fla. standards since they get to use them for 12 months a year down there while we're lucky to get 7 up here.
My boat buying budget will be all shot if I buy it and haul it up here. Can't afford to put a lot of money into fixing an old engine or buying a new one. Am I doing all the right things? So I'm asking for opinions on what you guys would do. Is there anything else you would do if you were in my shoes? My gut feel is I will love the boat once I see it. Deck, live well and a new fuel tank were put in by Hermco 4 years ago. You can see pictures of it on his site at http://www.hermco.net/examples1.htm.
1) Would you pass on the boat because of the age of the engine or 2)go ahead and do the deal if the engine checks out ok and hope the engine stands up or 3) go ahead and do the deal even if the engine doesn't check out? Apppreciate all opinions and comments. Will post here on what my decision was when I get back next week.

Greg