|The reduction of the mast length and sail area will reduce the power available when sailing in light and medium winds. It will be like sailing with a reef permanently in. |
It is the equivalent of putting a 4 cylinder engine in a Falcon or Holden, it will work but be frustrating some of the time.
If you are cruising, it will slow your speed and heavily reduce your manouverability in very light conditions. It will however make the yacht a bit easier to sail in all other conditions (with reduced performance).
If you are racing, it will mean relatively slow boats will beat you in all but strong winds.
A new mast, sails and rig is worth probably $6,000 so if the boat is discounted somewhere between $0 and $6,000 (depending on your priorities) it may be good value.
At least you need not worry too much about it being over stressed by the rig.