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You're pretty much right except that if you use Dave Gerr's hull-speed formula (see link to try it yourself and you assume that he's cut about 800# in weight (because of the ballast), you're talking about a hull speed in the neighborhood of 10 knots (I used 23.8 for LWL and 2700 for displacement giving a 'Gerr' hull speed of 9.9 knots). Slow for an F-boat, of course, but still pretty fast -- assuming he's added a sailplan that can drive the boat to that speed with any consistency.
Also, even with the standard waterline, the beam is nowhere near the max of 7'11". Without the ballast, I doubt it'd be much over 3-4 feet, which would give a ratio in the 6:1 to 8:1 range as a guess. That beast might actually work reasonably well.
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