Buying a project boat will lead to the unforeseen appearing time and time again. As previously suggested once all the tanks and engine gear are removed you will have a great opportunity to make it right, especially the potentially gas saturated ER wood which is abundant on Tollies. What material were the old tanks and what for new again?
Yesterday I was on a very nice 1989 Tolly 40 sport fisher. DD 400 hp 6 53s with no smell, major oil drips or fuel leaks. The PO was very careful and attentive. But it will need new engines in a few years too, at a lot more cost than the gassers you will put in.
Many good boats have V drives, just be sure those have been gone through too. Enjoy, many of us have been in your shoes wondering what we got into with this old boat.