Okay, I'm jealous. I'd take either one!
Personally, I'd start a full restoration job by stripping out the interior. That will give you a good look at the inside of the hull and you'll want to clean out the black tar anyway--at least the stuff below the water line. The other thing it will do is provide access to all the hardware you have to take off (cleats, grab rails etc.) to paint the topsides. I'd then prep and paint the hull and topsides--oops, didn't mention the engines so it depends what you plan to do there. If they're in good shape, run them the way the are. If not, you have another project. No matter where you start, you'll be making progress and you'll be at it for a while. I spent much of last summer re-doing the inside of my 28' express. The good thing about doing the interior restoration in the water is you don't have to climb up and down a ladder carrying panels and furniture. Of course I got lots of puzzled looks as I was taking parts out of the boat and walking down the dock. And I was the puzzled one when putting them back--okay that's not true. I was smart enough to label everything, but should have taken step by step pictures too.
Good luck.
Joe
Joe
1977 28' Express
Twin 318s, raw water cooled
Ohio River