I hate to say it Caycer, but I'm guessing you have bigger problems than you realize below decks. If your floatation foam was saturated, it means your fiberglass-encased stringers (those 'fiberglass strips' you mention, perhaps?) are also saturated, as is your transom core (also fiberglass-encased wood). On an '88 Bayliner, this would pretty much expected, as Bayliners of that era weren't the best constructed boat. The redecking done by the previous owner was done either to conceal the extent of the problem or because he/she was ignorant of the fact that a rotten deck usually means rotten structures and soaked foam below.
In any case, there is a very good chance your boat isn't that safe because the structural elements are rotten, and it's doubly unsafe because the floatation foam - meant to keep the hull from sinking completely in the event of capsizing - is full of water and will cause the boat to sink faster.
You won't find many here who would advocate anything at this point except pulling off the new deck, the old deck and looking at what's below. If it is, in fact, saturated and rotted, you have to decide if you want to restore her. If it's not rotten, which seems pretty unlikely, you should buy a lottery ticket because your the luckiest boat owner around.
For your safety and the safety of your passengers, though, you really need to do some examination.
