Nick, that boat is all fiberglass. The only wood is the ski platform. There should be nothing that can rot.
I had the same boat. 500hrs is about right for the age of the boat.
By 98, all of the Sunsetters should have fuel injection. The best engine is the Monsoon, but the standard EFI engine is also OK.
Probably has the older Wedge - makes the wake steep. My preference with that boat is to run without the wedge and as much weight as you are comfortable with. The Wedge helps a lot for surfing. Also a great ski boat if you are into that.
Great boat and great hull. Can't go wrong with a Sunsetter LX.
Just sold mine - had it for 10 years. Solid boat. I ran the ACME 525 and the boat was super smooth.