cd - I agree with doing it, and also not rushing into it.
Make a list of all the differences between the PY & the SP. Mast, sails, standing rigging, running rigging are obvious. Is the rudder the same? Is deck reinforcing required for mast, chain plates or winch installations?
Then you can start sniffing around for deals. It may be possible to find a wrecked hull with all the main components required for the makeover. Then it will only require a large amount of money and hundreds of hours labour. Much better than a massive amount of money and hundreds of hours labour.
btw -Don't expect your sailing friends to fully agree with your proposal. A motorsailer owner is a bit like a halfbreed. You'll never be accepted completely by either community.
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