I've done my share of house rebuilding. The last 10% are 90% of the time. Boats likely are no different. The sailboats that were overhauled at the sailmaker where I worked (ages ago) just came in for new rigging and sails and that could already be a pretty major job (redoing the stay mounts in the deck for instance could turn up all kinds of nasty details). This is pretty much building a very large boat from scratch by one guy recycling the keel and some very small percentage of the bits. I can hardly believe that he started the job to begin with, that's a sign of extreme confidence right there. It is hard for me to express how impressed I am by this. Can't wait to see what it looks like when it is done.