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King, you have a cool project and it's totally cool that you are preserving some history. Keep us posted on your progress and feel free to ask questions for good parts sources and the like.
If it did have some big power at one point there should be another set of gears for the v drive. You should try and track those down if you can. Who knows, you might want to step it up some later!
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Oh and that thing on the transome looks to me like it was another type of rudder set up. Looks like they just sealed it off at the bottom instead of pulling it out completely. I would hate to learn the hard way you had not enough rudder in the water when it had the bigger motor. lol
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http://www.classicglastron.com/gl-reflt-p12.htm
Just if your curious who the original owner and builder is. I would think this would put to rest any guesses of if this thing had a monster motor in it at one time. His family were all very nice and seemed very straight foward. His brother new exactly what it was motor wise. Maybe ill give him a call. seemed like an awsome guy.
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dont guess u guys ever been there -or done tat- ,do yer homewerk,,,says the ratz.................