First things first, same as any other old Hobie, check the hulls for soft spots before you put another dime into it. On a 45 year old Hobie, unless it has been sitting in a garage for the last 20 years, I'd say there's a good chance there is some delamination. Inspect it closely. If there are small spots, repair them first. If there are big spots, the next journey for this boat is likely the dumpster.
Next step, check rigging. If it's old or damaged, you will want to replace it.
After that, it's a matter of upgrades, and you can pretty much take that as far as your credit card will allow. I'd start with the traveler system. The old double-ended V-Jam system is horrendous and you will want to upgrade to the modern traveler system. Then mainsheet systems, sails, rudders, tramp...you get the idea.
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