I think it's a legit boat. Pricing these boats is more about what the buyer is trying to accomplish at end of day. If I lived nearby, wanted a truly "original" boat (I mean original formica and that era style) then 45k is more than fair. If I lived in Texas and wanted to go all out "Tom Slaine" on it, then it makes no sense. About the motors-Cutting out the side is as difficult as removing from the cabin, if you don't have great forklifts and cranes then it's easier to go UP and out the back. Obviously you are re-carpeting when finished. On the cost part-unless I read wrong these are naturals and definitely can be purchased for used for $7500. REBUILDING one costs a lot more. However decent running used ones are all over the place, especially in Louisiana.
Anyone who needs the latest electronics, marble/corion countertops, Teak and holly floors, tinted glass, and wants to cruise at more then 15-16 knots is going to be unhappy. Anyone who isn't going to do 90% of the work will be unhappy. I have a 53 MY and knowing what I know from owning it I think it's a fair price but the buyer needs to be a real mechanic/fiberglass/painter person. A "mini-Slaine" more or less. Such a person will be VERY happy. I know this is politically incorrect, but it's a great boat for all the sail boat owners that I've had the privilege to meet over the years. The guy that has a 197X motor sailer/saillboat with the motor that smokes so bad the fire department gets called whenever he runs it however he says "that's the way the motor is supposed to run" with great indignation. The same guy who cruises the middle of the intercoastal at 6 knots and refuses to let you pass. The same guy that when after three hours of not responding to your hails you finally pass him and he calls the coast guard on you. The guy that is a millionaire but does all the work on his boat himself. Boat typically painted with a brush.
That's the prime candidate for the boat. I hope I didn't offend anyone (except for the guy in NC that refused to answer my hails for 3 hours).
These days with fuel at $4 gallon location is everything. It's not a good deal for me, or maybe you, but $45k it's a better deal than paying 100k for one with two good motors if you are Slaine-like and live nearby.