The corrugations down the side of the Chief are similar to the ones on the Flash Dan and I own, both are about the same vintage and I guess were something the factory was experimenting with at the time.
The 53 Flyers had the corrugated sides too.
The Chief in the ad is a good looking boat, I wonder if it has had the front deck extended, the catalog shows a short front deck.
Proud Owner of 1956 Vagabond, 1950 Flyer, 1956 Rocket, Co-owner 1952 Flash, 10-1/2 less than VinTin
Here is the info I found here when I bought it a couple years ago. As far as the bottom having issues you must be mistaken on the boat, or the issues were taken care of by Mr. Myers before I purchased it. I was selling to make room inside for my new 1962 Century Coronado, but since you all say it's "devalued" I'm considering customizing it and pulling it to shows behind one of my hot rods. Maybe I'll use it as a dinghy.