If this were in Maine or the PNW, where timber is common, and so are those who build, work on and survey them. SoCal is a completely different environment, and not especially timber friendly.
I managed a boat yard that specialized in timber boat repair (and construction of cold-molded vessels). We had a contingent of regular owners who brought their vessels to us, and we had very capable shipwrights who could make a chisel sing, but they are rare.
Every once in a while a customer would come in who was new to timber vessel ownership, the learning curve was often steep and costly, they were often drawn in by the romance, the seeming low cost and the claims of "wood is warmer", or it "feels better in a seaway". While some of these may be true, the reality of ownership was anything but romantic.
Saying you should go into this with your eyes open is like saying you should be very careful when walking over the backs of crocodiles. Your eyes couldn't be open wide enough, and if you have no experience in timber vessel ownership, then you have no idea what you are getting into and what to look for.
I think your first order of business should be to determine if you can get insurance. If not, end of discussion.
Beyond that, any 60 year old vessel would be a huge concern unless you are an extremely capable do it yourselfer. For a timber vessel, I would double that warning. if you haven't owned timber, you really should not leap into ownership with a vessel of this sort.
Apologies for raining on your parade, but having seen this scenario before, my instinct is you would regret this decision.