Some help needed here !
WOW! You got a big job on there, but worth it to bring that old girl back to life, that "thing with the gear on" in the rear section, mine was also originally a 1960 IC boat. That thing was to set the rudder for straight running. Unless you where loaded (in the 60's!) you didnt have radio gear, so started the motor, set the rudder, and threw it in the water, pegged it to the other side of the lake before the boat got there, or had you mate waiting for it, God help anything that got in the way! so, you can bin that, you wont be needing it!! 😛
I had to rebiuld my bow end, due to wood rot, a few months ago, I resisted it for ages, but HS93 "MADE" me fibreglass all the deck and cabin sides, glad I did as its now very water tight, I would recommend doing it