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You're on the right track, rebuilding a 20' seacraft. There was also a popular 19 foot hull called a capecodder that I think was built in mattapoisset which was popular with the commerical guys back then and was probably more fuel efficent (i never rode in one). A 21 mako (@1986 when they reissued it) was a decent riding boat, but stay away from the 20 mako, which pounded a lot. If you're planning to go far or fish with more than one other guy, look into a 23 seacraft, though by the time you are done rebuilding and repowering the savings are marginal.
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