My limited experience - some boats of that era are rather delicate, while some were customized to be more robust. The boat is a terrific upwind-downwind platform, as it is specifically designed as such, but is not a good choice for distance racing since other points of sail become involved. This is not a Formula 18 (which this particular forum is about) and would not be eligible for class racing without an unreasonable amount of modification.
If the boat you are looking at has been modified from stock, look for things like a raised rear beam, custom rudders, boards and running rigging. If it is a straight stock Jav, it would make a good two-up lake racer in breeze up to 15 - stellar performance in 8-10 A-C-A-C racing, but a serious handful as the breeze freshens.
Happy shopping. <img src="http://www.catsailor.com/forums/images/graemlins/wink.gif" alt="" />