Is this a beast?

http://lincoln.craigslist.org/boa/4609535738.html

If I could pick this up for $3000 is it worth it? I have another 5k to restore it. The owner says the engine is mounted to the hull, but I'm assuming he has no idea what he's talking about. Forum members advised me to walk away with the 460 motor swap, home made tower, and not much info on history, but I am so intrigued by this model. What if I even got it for under $2000? Saw some guys on the general forum owned a beast? Was it like this one and how was the wake? I plan on walking away as advised unless someone on this can persuade me otherwise. thanks guys!