This will be for rec sailing, not racing (yet).
What should I be looking out for in terms of major problems in boat of this vintage? Do first generation Waves have any history of rudder/casting failures or design changes? Any cracking or beam failures? Any upgrades I should perform immediately? Can I use H14, H16, or H20 blades? I have extras of each of those.
There is no trailer but I found a trashed H14 on a good trailer for $450. I'll part out that boat and save the trailer for the Wave. I should break even on that deal.

$500 for the Wave. Quite a deal, no? The only problem is it is on davits and must be
sailed away tomorrow, no later. It's only a few miles to a haul-out but even in Florida the weather is c-o-l-d and there's absolutely NO wind. It will be interesting.