19th century designs can be converted, but it will probably require the lines be revised for a new displacement, reflecting the different construction method and materials. You will have little performance increase if you use the old lines and use new building methods, because the hull will still have to be ballasted down to her sailing lines. This may mean you can have a higher ballast to displacement ratio, a stiffer boat capable of carrying more sail area, but you will still be limited by the antique design lines.
Since you may need major revisions to the lines, which should be left to a qualified designer, possibly a better choice could be a new design. The new lines, complete with construction drawings could look just like an 1800s sand bagger, but incorporate modern features, materials and methods. This boat would not have to carry extra ballast to hold her down and would not be limited to 100 year old plus ideas on what is fast, safe or reliable. The guy that works on my boats is a sailing nut and had a 24 foot sand bagger, he was working on for a customer. He took me out for a ride and the boat carried the sail plan of a 35 foot boat, which he said was cut down a little from original. He, I and four others including the owner and his son did the best we could to hold her down, but were easily over matched in the gusts. The reason I bring this up is, we had a crew of 6 aboard a 24 foot day sailor and it was the best we could do to keep her from capsizing in the gusts. Be careful what you wish for, you just might get it. Sand baggers are wild racing machines from an age of sailor we have never known.