What you describe is typical of a hull repair job. Level of concern will depend on the quality of the repair. Hull repair/paint is class legal. Repaired hulls are supposed to conform to the original hull contours but, as a practical matter, the hull templates are not widely available and the rule was intended to prevent go-fast experimentations with the hull. A '86 boat is a 320 lb. "red glue" boats (former and once again minimum boat weight). If the boat is near 320 lbs. and in good shape, it may be a nice boat for novice/B fleet racing. BTW 320 lb. minimum boat weight is for boat & rigging, sails & running rigging, rudder system, etc. but not including PFDs, trapeze harnesses or other personal gear.