Sailboat Restoration - Is it worth it?

Please help, I’m in need of some advice. My brother bought a cheapo used sailboat at a garage sail over ten years ago. He has since then abandoned it and said that I can have it if I want it. A recent visit to a friend’s beach house in Florida has rekindled my interest in sailing and I’m thinking of trying to fix it up. The problem is that it looks cheaper than I remember; Styrofoam incased in plastic. Then 10+ years of sitting in the hot Texas sun has made the plastic shell brittle in spots. Structurally it seems sound, but areas were the plastic has broken away has created a couple sharp and jagged spots that could be dangerous. I am thinking of just glassing the whole thing, but I wanted to ask a few questions first. First and foremost do you think it is worth the trouble? Given my current financial position, it is either this or nothing. So I guess I should be asking IF it would work? If I try it should I use polyester, or epoxy? Will it melt the Styrofoam were it contacts? What weight cloth? Do you think one layer would do the trick? Sorry about all the questions. I’ve done glasswork before, but I’m far from being a pro. Unfortunately I don’t know the make either. Thank you very much for your responses.