Welcome YO :!: :!: Of course back in her day when there wasn't this type of boat in a greater deadrise I'm sure it was still taken way out like you're talking about - on a good day.
Bro you got a sweet boat there, but Seriously????? An Aquasport Flatback is Obviously not an offshore boat.Like Rick said, maybe on the perfect day. This boat would make a perfect flats/midshore boat.good luck and lets see more pics.
About adding value by rebuilding,it doesn't add value to anyone but you.People who restore these boats do it because they want to restore a classic,not to increase its value,you just won't get back what you put in to it in $,but you will in satisfaction and pride of ownership,good luck with her and welcome!
My experiance has been that Aquasports in general, particularly the flatbacks and 12 degree deadrise early 22-2's were better suited for Atlantic use than gulf use. The gulf gets the very nasty short 3-4 ft chop that will leave your kidneys in your boots at the end of the day. They seem to run very nicely in a bigger rolling sea. Considering these are only 22 foot boats, you have to pic your days anyway. Most of time as you probably know; knowledge of your boats limits; your skill and being able to read water is the difference between a miserable day and good day. Take it out and run it if you can and decide for yourself.
That V20 Wellcraft of yours has a cult following around here...people that own them love them. Sounds like what you're looking for would be a great running deep V...an old 23 Seacraft or 2400 CC Hydrasport come to mind. Or an old SeaVee. Something known for a soft entry.