Hi Stormtracker. I see this thread was started 2 years ago and has had only one reply. Where is everyone? Well I just picked up a 1979 176ff myself. I payed a bit more than you. $1,000. This is the boat I want and I have no regrets. I look forward to the restoration and hope things go well. I will be pulling the motor 90hp Johnson this weekend. I will soon know the truth of my transom condition. The cap is cracked but the tap test sounds good. If I have to do a transom pour I will be holding my breath as I dig out the wood between the fiberglass skins.
As a couple of years have gone buy, how is your boat working out. I hope it is running strong and taking care of you on the water.
Best of luck!