I stripped all the teak off the boat this weekend to see if any of it is worth saving. Surprisingly with a lot of sanding and some gorilla glue I think everything except the hatch boards can be salvaged. Which is good news because this stuff is crazy expensive. Hopefully by next weekend I have some photos of some freshly sealed teak!
Another pleasant surprise is the Suzuki outboard that came with the boat, it runs like a sewing machine. Turns out it's a 1985 DT8 two stroke and is a perfect match for the boat. The previous owner bought it at a garage sale and never had it running before he decided to sell. I'm going to replace the fuel line, water pump and paint the lower unit and call it good.