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If running right and right prop ut should move you along at a decent pace. Your not gonna ski or pull a tube but slow cruising speed should work ok. I had a 22' cuddy cabin and had a 9.9 kicker motor on the back. With a low pitch prop I could reach almost 12 mph in calm conditions.. Your 40...
If you do decide to cut it up....by all means use a good quality resperator, fiberglass particles are NOT good in any way !! Serious lung issues will develope !! Hope you are able to sell/ give it away...
Not really, having been around boats for well over 60 years, a short info story and a couple good pics will show rot about 90-95% of the time has been my experience, haven't missed one yet !! I realized how easy it is for a glass boat to deteriorate once I owned one back in 1967. Never owned...
Also check your prop for damage and correct pitch. Mabey borrow a portable tachometer to see if motor is running at its peak. I would guess you should get around 22-25 mph when everything is up and running
Drill with a left hand drill bit, as it drills the bit may grab the screw and unthread it....if not, the a complete drill out and retap might be needed, looks pretty corroded. Spray it down good with penetrating oil before starting.
All the above and be courteous... learn to back up your trailer in a parking lot, not at the busy time at the launch ramp !! Backing up a trailer is not that hard, I taught all my kids in order to get there drivers license. With proper instruction, you will have it down pat in 30 min or less.