Yeah I've pretty much decided to go ahead with my project and see what happens.  Not only is this the cheaper route right now but in the long run I can save up and get a good quality boat next season maybe.  The tax check should be here next week and thats when I'm going to get the stuff needed.  With the stuff I have planned for it it shouldn't take very long from start to finish.  I'll definitely post pics along the way though. 

On another note though where can I get the foam to put under the floor?  Also about how much will that cost?

Yeah I've pretty much decided to go ahead with my project and see what happens. Not only is this the cheaper route right now but in the long run I can save up and get a good quality boat next season maybe. The tax check should be here next week and thats when I'm going to get the stuff needed. With the stuff I have planned for it it shouldn't take very long from start to finish. I'll definitely post pics along the way though.

On another note though where can I get the foam to put under the floor? Also about how much will that cost?

After researching some more, I've seen that regular old styrofoam would suit our tin boats just fine. We have very light boats, not the weight of  a glass or wood boat.

It's fairly cheap, and can be purchased in sheets at Home Depot, Lowes, etc, in many different dimensions. You can also adhesive multiple layers to get the height you need.

The great thing about styrofoam is the price, and it's buoyancy. The majority of tin boats have foam in the seats; after taking mine out there was very little damage or waterlogging. Looked good for 15+ years.

Since the foam will be underneath the deck, I wouldn't foresee any major issues. If water does filter in, it should still be able to drain towards the stern through the channels of the hull.

Check your hardware stores, and look for sheets of it. Here locally, 4'x8' sheets are easy to find. They come in 3/4" thick, all the way to 2" thick.

Simple, cheap, and effective should you have to depend on the foam to keep your boat afloat.

Once again, the addition of styrofoam is just to help keep your boat afloat in case of swamping.