So here's a bit of an update...
The boat is still up for sale, and the price is VERY attractive. We spent a portion of the weekend enjoying cocktails on the afterdeck and after a few Scotchs, Mrs. Stoo blurted out... "Fine, just buy it, but I am NOT welding and I am NOT going into the bilge!" (My emphasis.)
So, the process has moved forward a titch.
The price has come down because new Coast Guard regulations for commercial vessels have eliminated a number of "Grandfathered" loopholes. In this case, the tug lacks watertight bulkheads in the hull, and it really isn't practical to add them. As a result, the boat could never be used for charter and any future owner could only use it as a "personal" boat.
The current owner also confessed that the engine really should be replaced (especially given that I am not a particularly skilled diesel mechanic...) and that before long, a number of hull plates need to be replaced... at considerable expense. (You see, it pays to lubricate the current owner to get the real "scoop"...)
So I think I am going to engage a surveyor to get a proper evaluation done before giving this more serious consideration! I suspect his report will end my craving...
In the mean time, I am trying to find a sexy, extra small welding mask... The ideal Christmas gift for the woman I love!