Assuming there is no rot I would strip all the paint and put two or three coats of epoxy on the bottom, transom and sides before painting. However, fibreglass cloth would give it more impact protection. Check the keel, stem, chines and transom area as well as any place water may have accumulated and sat at any time to rule out any rot. This will give you some peace of mind. If the hull is sound, Go For It.

As far as registration is concerned, if it is still in the system in NY you would need to try to contact the previous owner to get a release. If you don't know who it was, good luck. The state won't give you any information about the owner. See if you can find a hull number as well as the numbers. I have a Glasspar in the yard that was still in the system. I stripped it down and it's going to the dump. I also have a 1950's Whitehouse that had no numbers or HIN and had no trouble getting it registered. On the other hand, if you do a complete restore and make it look new you can call it homemade and contact the DEC to get a HIN. Make sure you remove the numbers and any other identifying marks.

They just want to see some receipts for purchase of materials. The officer came to the house at almost dark, took a quick look at my Squirt, came in the house and looked a little bit at my receipt folder and gave me the HIN.