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Mine is as far as I can tell a 1974 (Taylor) boat.  Sail number 79, so without a hull # or original docs it could either be a 74 or a 73. 

As far as construction goes, I don't think I'd say any are "badly" built...  I'd say for sure that the boats reputation as being "overbuilt" is a stretch.  I'd say without a doubt that my Dad's late 80's Beneteau is "overbuilt", and was constructed at standards far superior, compared to my Contessa.

Things that make you wonder:  Riveted Hull/Deck joint, vertical flange.  Hmmmm......  No compression posts on the earlier boats....  Hmmmm....  Forward decks that were never laminated properly from the get go.....  Generous use of some sort of hard (and brittle) and crappy putty to fair each and every seam in the inside liner.  Plywood decks.....   Forestay loads up a tang on a casting thats thru bolted - this is Mirage quality here.  From what I've seen the later boats are more refined as far as construction standards go, but this was also in part to improvements in technology over the 15 years that they built them in Canada.  There sure is a hell of a lot of glass in the hull tho...... 1/4" minimum and the side and fwd decks are all at least 3/16.  They probably weigh a bit more than 5400 lbs....................

An early JJT boat is just that - an early fiberglass sailboat, of which you should be leery of construction materials and techniques of the era.  No different than a Hunter or a Catalina.......  But they sure look better.

When she's all done I'm sure I'll take her somewhere warm and enjoy every minute of it because I'll know that boat inside out, upside down, backwards and blindfolded......

i've got enough side jobs slowing the project... all worth it tho, as i 'm sure now that i wont launch till spring.....  just finished glassing in some wedges in the floor to take the compressive load from the teak posts that weren't but will be thru bolted to the 'beam'.  Anchor chain locker will be next, just something to hold about 30 or 40 feet of chain, thru a hawse pipe.  anchor rode will be dried on deck and stored somewhere else.  yes...... the chain will always be attached to the boat until shackled to the rode....

then its on to paint inside.  inject the cabintop decks, finishing of the topsides, hull fairing and finishing, rebuild engine beds, reinstall engine, paint mast, build a rig.  then i gotta find a dinghy.  there is light at the end of the tunnel..........................

keep your eyes peeled for a used yanmar 1gm or start looking at bukh or even better a beta diesel..........

as far as your mechanic's diagnosis, its hard to say what the culprit is unless you pull the head and inspect and go from there.  theres a few things that can cause low compression, the most likely being that the thing needs a valve job.   how did he determine that the rings were sticking?  can't tell these things by feel.  could just require a valve job, or it could be the sleeve or rings that are wore out.  these things just wear out.

if you removed the injector and poured varsol into the top end, then i'd check the oil in a while or verify the level of varsol still in the cylinder.  if you've got varsol in the engine oil, leaking down past the rings (theres going to be some, but if it all just pours through) then you have a rings/sleeve issue.  if the cylinder holds the liquid and doesn't leak down too much/takes a while to leak down, then it's less likely that the rings are sticking, as theyve held water (varsol).  They could be just wore out.   How many hours on the engine??   Good luck!

Forgot to add something in that post.  Trick for looking for leaks.  If it's not leaking when you're looking for it, you'll never find it.  Draw lines underneath all fittings or holes or wherever you think there is a leak on the inside of the boat with Lumocolor water soluble non permanent (NON PERMANENT WATER SOLUBLE!!) overhead (acetate) markers.  You know, the kind teachers use.  When your boat leaks when you're not around, you'll see a nice line interrupted by some drips.  Voila.  If it's not leaking where you think it was, some paper towels and water will wipe off your nice, non leak detecting marks.  Back to the drawing board, or more lines where you never thought your boat could EVER leak.  Don't, (DON'T!) use dry erase or permanent markers.....

no doubt... with steel prices and the amount of time running a chop saw, not to mention the welding.  hardly be able to build one (square...) for 500 bucks.

The warning buzzer circuit closes (ie activates buzzer) when there is insufficient oil pressure to open the oil pressure warning switch, or when the temperature sender overheats and closes the circuit.

When you turn the key on, but the engine is off you have zero oil pressure.  The circuit is energized when you turn the key on, but stays closed because the oil pressure switch is closed.  Therefore it will buzz until the engine starts and builds oil pressure, opening the oil pressure switch, therefore opening the buzzer circuit.  If the engine is running and overheats or loses oil pressure, the respective sender closes the circuit and activates the buzzer.

If the buzzer stays on constantly right after the engine starts, you either have

1.  faulty oil pressure switch or faulty temperature sending unit or wiring issue with either/or.
2.  oil pressure problem.

If the buzzer comes on when you turn on the key, but turns off when the engine starts up then thats perfectly normal.  When you shut the engine down the buzzer will come back on again until you turn off the key.

best to call stainless outfitters- i tried emailing them re pulpits but didnt hear anything back.  seems that lots gets sent to their junk.  call em up.

Try to track down the original owner, or whatever owner along the line is in possession of the paperwork.  I've got a 74 that could either be a 74 or a 73.  Judging by the sail numbers, I've pretty much let it go that I'll never know for sure, and I'm just going with 74.

That makes sense to me now.....  Guess I just found another job to add to the list.....