I didn't take any detailed 'before' pictures of the trailer but I'll try to get some progress pics tomorrow to show where I'm at and what I've done. Like I said, this was a creek boat and there's lots of rust on the nuts and bolts so I'm opting to replace anything that's questionable.
The bunks were mostly rotten and two of the brackets were broken. I happened to have two carpeted bunk boards leftover from another project so I just replaced everything down to the frame. It needed a bow roller and the winch mount was all bent up. I took it off, beat it flat, re-mounted it with good hardware and added the bow roller. The winch strap was held in place with a finish nail so I took the strap off and re-wrapped it correctly. The screws holding the lights together were so badly rusted that I couldn't tell if they were phillips or flat-head. In addition, two of the lenses were broken. Lights are fairly cheap so I just went ahead and completely re-wired it with new lights.
The safety chains were so rusted that I doubt they would have held anything and I was able to replace them with hardware and chain I already had.
There are several options for what to do with this boat once I'm finished with it. I have a buddy who loves to fish and only lives a couple of miles from the boat ramp. I might leave it over at his house with the understanding that he can use it whenever he likes in exchange for storing it under cover. I also might keep it or give it to my son in a few years but it's unlikely that I'll be selling it any time soon. I'd rather go ahead and make sure it's right than worry about it coming apart on the road.
Next up will be new u-bolts, spring plates, hubs, wheels and tires.