Well it turned out that there is more than a problem with the sounder switch and the fuel flow meter, which I had not mentioned earlier. The boat was surveyed today and the stringers were found wet and in some areas, the wood had pulled away from the fiberglass. Stringers were wet from the forward wall in the engine compartment to the transom.
Additionally you could see where two bolts, possibly the bolts that hold the transom zinc, had been pulled into the fiberglass. Because we decided not to haul the boat, saving me $260 on the survey, we did not take a moisture reading along the transom. But the surveyor and I believed we had enough information to stop the survey. Since the purchase was contingent on the completion of a satisfactory survey, we did not purchase the boat.
So do boat owners ever check the condition of their stringers on a routine bases? I will write a more extensive article on this incident under a different thread.