For me it's very simple:
1) Remove the engine, radio gear and hardware from the boat and give it all a thorough cleaning/checkup
2) Clean the hull, inside and out
3) Take the hull to an automotive paint shop and have them match the color of the paint
4) Strip the old paint off the hull, check for rot or oil damage in the wood, repair as needed
5) Seal the hull with fresh epoxy, prime and repaint
6) If you can find the "Crapshooter" decals you want, install them and clear over the top to protect them
7) Install everything that was removed and head to the pond.
One thing you may want to do, if you plan to run this boat, is replace the radio gear with modern equivalents to what it has now. If it's that old, the servos may not work well and I'd be willing to bet the receiver is wide band, making it non-FCC compliant