Professional conservators have known for decades that, from the conservation standpoint, floating a ship - wood or steel - in water is just about the worst thing that can be done to it. Lots of organizations shy away from the dry dock approach for two reasons. One - lots of folks get really emotional about keeping them in the water. ("Please don't take her out of her natural element.") Two - dry docks cost money - enormous amounts of it.
It would be nice if every ship and boat ever built could be preserved in a museum-type environment. But it'll never happen. It can't.
Most attempts to save old ships fail, mainly because the well-meaning folks who take them on don't know what they're getting into. To save an old warship, even a small one, requires a permanent commitment of MILLIONS of dollars PER YEAR. In the U.S., the number of organizations that can realistically hope to do that is in the dozens at best.
Given that only a certain amount of money is out there, I often wonder if it's being put to the best possible use. In my personal opinion the scariest ship preservation project in the country is the U.S.S. Olympia, in Philadelphia. She's been going through one funding crisis after another for at least fifty years, and her future is still very much in doubt. When a precious, unique artifact like that is in jeopardy, does it make sense to save another Fletcher-class destroyer? Or another Liberty ship? Hard choices.
At the risk of making somebody angry, my un-favorite project proposal of them all is the proposed replica of the 1797 frigate United States, also in Philadelphia. Some nice folks with the best, most honest intentions have been trying to raise money for that one for at least fifty years now. Such a ship would, to the average eye, look almost identical to a genuine preserved ship (the Constitution). The idea of pouring millions into such a project, with the Olympia rotting at her pier just across the harbor, is, to my mind, appalling.
Like I said, hard choices. I wish there was some apparatus for making sure they're made wisely.
Youth, talent, hard work, and enthusiasm are no match for old age and treachery.