You probably have $250 in parts, so can't go too wrong.

The soft spot is not hard to repair, but it can be a bit tedious and messy. I've done it three times to my first old boat. Its a '77 Tequilla Sunrise. I've noticed some new, but small delaminations ahead of my oldest repair. I'll see what its like after the 2005 season, but I fear the boat is gasping its last breath.- The hulls are just getting too old and abused.

For you I'd recommend a full look-see of both hulls for blisters in the gel coat. That may indicate moisture damage to the hulls and the potential for continuing delaminations. And be sure your mast is straight.