Congrats! You've got the perfect set of skills to take it on! I think yours is older than the Model 500 and likely even simpler which is a good thing. The Wood Freeman autopilots don't have all the bells and whistles like steering to waypoints and gps integration, but I'd take the simplicity and robustness over that any time. I agree with your comments on the owners manual - so detailed and thorough. Something you never see today - today you just throw it out and buy new.
If I'm ambitious in the future I may integrate pypilot to OpenCPN to add a cheap gps/waypoint integrated autopilot and use a selector switch to choose the autopilot I'm using. My steering is full time pressurized hydraulics and the autopilot signal just sends a 12VDC low amp signal to either the port or starboard hydraulic solenoid valves. I already use OpenCPN with a standard computer monitor built into my helm. Figuring out pypilot is likely a few cases of beer, reading, some fabrication and a few weeks of fun. But the software is free and just an add on to OpenCPN.... and once you do it, you would not be beholden to Garmin, Furuno or Raymarine.
Pypilot Autopilot :: OpenCPN