T.M.I.

if you can the best way is while it is running at op. temp, dip it real quick. if you can establish a good mark while running then the next day look at where it is at on the dipstick. this will be your cold oil mark and then simply check it every time you use the boat because then you'll know the mark is right while running
another way is while running turn off engine and check right then it wont have a chance to cool or drain back. you really wont have problems if your worrid... its the guys that finally decide to check the oil after they feel a slip and pull the stick and there is nothing on it and it probably was running that way for months

I agree with what 79 said. You can use get rot or epoxy (that is what I used on my Ski Centurion) in those bolt holes. Just because the wood is deteriorated in the bolt holes doesn't necessarily mean that the stringer in rotten down to the hull. It could be isolated around where the hole is. Take a screwdriver with a solid handle and tap hard on the stringers (with the handle end) and listen for the sound. You will be able to tell a solid sound from a rather hollow one. You can also drill some hole (small ones) in a few sample areas and test what your drill shaving look like. Dark means rot. You can re-fill the holes with epoxy. Usually there will be a pungent smell as well (accompanying the rot). Good luck! Looks like you may have a project on your hands. Lots of good advice on this site.   

Definitely check the tranny fluid your probably just a bit low. Blisters is blisters, you dont bother them, they wont bother you... yeah you probably will need stringers but oh well if the engine and tranny are solidly supported I would drive the sucker I wouldnt put in any new carpet or build new seat bases or anything though..

i'm glad i found this site and got all this info. after i made my purchase. if knew then what i know now, i wouldn't be an owner. instead still dreaming. i'm still stoked about the boat and looking forward to learning all i can. besides the blistering on the hull, i took a wrench to the bolts going into the stringers and they all turned freely accept for the ones that mount the motor. there is a pretty bad raddle somewhere behind the sterring wheel when going fast and twice now while powering through a turn (nothing crazy)i thought the drive shaft broke or the prop came off. the engine raced and no power. besides that, everything else is golden. i want to use the boat for the summer, carefully, and then start the repairs down the road. any opinions? thanks. i'll get some picture up today.