To expand on Jim's excellent post; The naval architect who designed the boat posted a bit about the design, and how it was meant to be built. Apparently those who have done the modification feel that it makes the boat much better in the handling category.
One of the issues for me, was the height of the head roof, being in a place which obstructed the navigator view (Port forward seat). I think that this could be approached in several ways, and the issue resolved. The low wheel, also could be resolved--or using an auto pilot, with jog stick control would make handling much easier.
Hard to know what the true value of one of these boats is, since there were so few built. But a replacement, such as the Cutwater 29 would be in the $250,000 plus range.