Matt,

First congrats on your purchase. You have made a wise choice with the Nacra.

On the 77 it should be a halyard lock in, meaning the halyard actually locks in on the front side of the mast. Not the ring type. Once I have my halyard locked in and the down hall set, I have a cleet on the starboard side that I attach the slack side to and then roll up the excess and put in the tramp pocket.

I agree with Pepin do not keep it in the water, for various reasons.

The number one thing I would be worried about right now is the Base Casting, you can get a new one for $31.00 at Murray's online they also have the rivets for it also.

As far a s the gel coating for a professional it would be around 1k to 2k for a complete work over (all fiber glass checked and repaired, new paint and gelcoat.) I have attached the link for some pictures (4) to show you my '79 Nacra 5.2 that I had the hulls done by my local boat shop, wel worth the money and also it adds speed. Enjoy. If you have anymore question feel free to PM me.

http://www.catsailor.com/gallery/displayimage.php?album=lastup&cat=1&pos=0