Where are you located?
I am on Tampa bay and the 22 rides like a Caddy in light chop, even 3' it is still darn good. Bigger than that it it takes some skill to not have to go see a chiropractor...but any 22' boat in 4-5' chop will beat you to death. My 454 at 36-38mph cruise at about 2900rpms burns 10-11gph and get 3.5+mpg. To put it in perspective my 115 Suzuki 4 stroke at 26mph cruise got 5+mpg, 3.5 with 454CID is amazing. Boarding is tough for us adults but a ladder or swim platform will make it a breeze. Lastly...skip the project and buy what you can afford, have it surveyed or looked over by a Mercruiser mechanic, etc. Try and stay with original gel, it shows that there was never any damage, etc. $22k will get you a VERY nice 22. You will probably find one cheaper and have enough $$ to fix some small things or add a few extras, etc. Unless you see a receipt showing the date, replace the exhaust immediately or at least have it removed & looked at for corrosion or leaks. Exhaust maintenance, or lack of, is the #1 reason for engine failure and is easy to maintain.
Nick
1994 22' Classic-454 B1 Red & white
1981 13' Whaler sport(original owner)
South Tampa Bay, FL "May I mamoo dogface to the banana patch?"