Sea Commander restoration tips
Get yourself a small pack of epoxy resin from ebay and seek out all slight delaminations of the plywood frames. Get the epoxy in those split bits and clamp them up. A clothes peg is sufficient if you're short of space. You can put a piece of cling film twixt peg and wood so the peg doesn't stick. Then use the rest of the epoxy to waterproof the insides. Be thorough and methodical. if you sand the model back to wood, use epoxy on that, either through fine model aircraft fibreglass cloth or just squeegee epoxy on all over with an old credit card. it goes much further and gets forced into the grain. it's not necessary to use GRP cloth on everything if it's well built. I have several over-50 year old model boats that are perfectly water tight with decent paint jobs (enamel, of course).
Cheers,
Martin