Firstly, can I just say many Thanks to everyone who has replied. What a brilliant forum this is. So many helpful people want to help. A real pleasure to be part of.
RHBaker, Thanks for your suggestion but sadly that is way too much more than I am planning. As I say I want to keep as much of my friends works as possible so replacing large amounts of hull is a No No. My priority is to concentrate on making the hull watertight when the motor is running, give it a repaint into white livery, update some of the electrics as discussed before and finish off the deck with detailing and masts etc etc.
HI Dave976, Thank you. I will see about fitting some washers and lubrication and hopefully that will help.
John, Thank you very much for your detective work and plans. When you say "No matting is required", what do I just do with this Zap Z-poxy? Just paint it on, leave to dry and sand back? Does this have to go on bare wood or can it go over existing paint like, the hull sides or bits I've missed when sanding? I did think about that Sand N seal but if you recommend this Zap - Z poxy then I'll give this a go instead.
Thank you once again Colin and Martin555. It's probably a stupid question but if I dig out some of the existing glue to fix with two-part epoxy, is this compatible with the Zap - Z poxy (or Sand N Seal) which I'm going to then cover the bottom of the hull with?