To buy another boat or to not buy another boat.

Okay so here is the deal I have a 1978 H16 that either needs a complete new lay-up of glass or new pontoons. My poor boat was very much so neglected before I bought it... so on the sides of the 'toons there is less area that Isn't soft than is soft which to me means that a drill-n-fill will be very heavy. Has anyone here ever ripped off the old glass and laid new glass on the old foam? At this point a "re-glassing" will be cheaper than driving 250 plus miles to go pick up a set of used pontoons in decent shape.
I guess I stepped too far in trying to do a proper repair on a small hole on one of the pontoons. I should have just left it, patched the hole with GOOP and did a lay-up on the bottoms, ran it with extremely soft hulls, and run it until I could afford another cat (or until one of the hulls snaps in half)
For the record I paid 400 for the boat and 100 for new lines, so if re-glassing the hulls completely scraps the boat I won't be all that hurt.
Any input is greatly appreciated.

I own a 1977 Hobie 16 that I bought of craigslist. I knew it was a project boat when I bought it with a few soft spots, but the soft spots on the side grew into 1 big soft spot, like yours. I decided to take the top layer off, replaced the foam with polyurethane pour foam and glassed the outside. I'm a year into it and almost done with the first hull. I recently weighed it and it was about 20-30 pounds heaver than the original. Fiberglass also isn't cheap. I estimate the total cost to be between $1000 and $1500. I personally enjoy a project and justify the cost by assuming that these hulls will last longer than a pair of used ones in reasonable shape for the same price, but it's definitely a commitment!