I'd say yes. That IS if your ready and willing to put time and money into this boat.
I purchased one from Craigslist for $1000 full well knowing I'd have another $2000 in it, along with wrenching, cleaning, polishing, studying and researching time...
If you want a project with the result of a mechanically sound and visually apearing boat, go for it.
Check out my 1996 Challenger Resto/Refresh thread to see the time, effort and energy it takes to get one of these up and back on the water. It's work in progress...
Note: The tag says 2007. Here in Oklahoma its $.25 (cents) a day, every day the tag was out of date. 2007 to 2012 is 5 years. 365x5 is 1825 x .25c = $456 BUCKS! That is just to make it legal...