Well, you don't have to start spending money yet. I'd suggest that you get familiar with fiberglassing techniques in your spare time.
Something that I found absolutely critical is to make sure that you take a lot of photos and make notes as to how things were built originally. Before you remove the engine/drive make sure that you design some type of jig or structure that you can mount in the boat as you repair it. When the hull is gutted you have an empty shell. You need to know where to build new engine mounts so that 302 goes back into the boat in the same location it came out of the boat. I took some time to build a jig out of scrap. If you look at the photos you'll see how the engine was originally installed and how the jig was designed to straddle the engine stringers so that I would know where to install the engine mounts when I was working in an empty bay after the new stringers were completed.
Photos, left to right.....
1. Hey, that looks a bit like your 302 Ford in there. I really like how the previous owner chose his starter cable colors. Hmmmm......
2. New stringers going in . But how am I going to know exactly where the engine goes in that big empty space?
3. My approach was a jig. Notice how those vertical pieces of plywood land right on the inside edges of the engine mounts. I notched the jig and marked the outside stringers so that I'd know where to put the jig back in. Zoom in on the left front or right rear mount and you'll get the idea.
4. PAR (a sage here) gave me a great tip to get those old stringers out. Use a Sawszall and a long blade. Bend the blade a bit to match the angle of the inside of the hull. You can then run the blade carefully right under the old stringer and it cuts out easily and quickly.
5. Lot's of work building and installing and glassing those stringers. Once I put my little jig back in mounting those new engine beds was a snap.
You might want to go to the System Three web site. www.systemthree.com
and download the epoxy book. It has a lot of good information about epoxy and fiberglassing techniques.
I know you have a sterndrive so my approach might not suit your needs exactly. My hope is to get you thinking ahead. If you're going to do this forward thinking is essential.