Wow, that is stunning. You could easily make the case to leave it alone and not restore it, but it would be a shame not to be able to paddle it! Did you acquire this one?
Yes, I got it along with the one described at http://forums.wcha.org/showthread.php?11487&p=59066#post59066 last year. This was just too nice to leave behind even though I wasn't really looking for another 18 foot canoe. The water test quickly indicated that the canvas needs to be replaced as the photo of the inside stern shows. It will probably get restored with new canvas in a few years. There doesn't appear to be any wood that needs to be replaced. It got through the window and is now upstairs at my house after a good cleaning.
I've found that a big crowd of helpers isn't required to get a this canoe back into the house through a second story window. A chain fall makes it easier to make fine adjustments.
It was very surprising to recently find a picture of this canoe in an old collection of Assembly photographs. It appears to have been displayed on the green in 1990 at Windham, Maine as shown below.
Wow, was that 1990!! This canoe came to the assembly and was strikingly similar to an 18' Carleton Indian princess that I had restored for a customer. I had miss-identified the Carleton as a Kennebec. That was BI(before the internet). Eventually, the planking pattern of the Carleton gave away the true ID. This was one of the very early Molitors.