From what I hear they have a pretty good handling hull. Upholstery on the older Bayliners, once they were being mfr'd by US Marine, was really cheap.
Have seen a fair amount of nice-looking Cobra hulls on Craigslist here in the PNW, but most of them had trashed interiors.
If you find this boat has solid floors and transom, and not too torn-up, it should make a good hot-rod.
Does it have a Force motor on it? They are derived from an ancient design, but run decent enough if the internals are in good shape.
Lots of parts kicking around for 'em except for the older Chrysler versions using a distributor (Magnapower). Later models used a stator/trigger & single or dual switchboxes which ain't cheap but lots of 'em around.