The action has slowed down here quite a bit - last year at this time you would have been mobbed for talking about buying a boat with an Olds AND a Jacuzzi pump, especially that needs paint. You are looking at a true money pit to turn that in to a nice boat. Unless there is something unique about it that you LOVE and are willing to spend $$$ on find something closer to done that has a Berkeley jet and a decent paint job. Motors are easy to come by at a reasonable price, the other stuff will kill you. Upholstery is important too. All new upholstery will cost as much as the average used jet boat.
I am definitely not trying to rain on your parade, jet boats are awesome and addicting, it is just much better to buy something that is close to done. There are a lot of deals to be had because of the economy and fuel prices right now too (something else to consider. . . . running a big block motor you are going to burn about 4 gal./hr. in a jet.