Welcome also to the forum You have come to the right place for what you want to do
If you base your yacht on the Lake lefroy mini explorer as has already been said
you wont be far wrong
I personally started off by building a class 5 which are bigger but I wouldnt recommend it The minis are easier to build and are a better proposition for a first yacht
5.7 sqm would be a large sail for a class 5 size yacht
A mini size yacht would take a sail from 3sqm up to around 4.5sq m depending on wind strength pilot weight etc I would guess Tasmania gets plenty of wind
I use a 16 inch bike wheel on the front of my mini and a 20 inch on the class five and they are fine the loads are light on the front
The rear wheels need to be more substantial though and most are using the fallshaw wheels
A windsurfer mast with an internal stiffener in the lower part would be fine
All the info is in the forum Good luck and go for it I am sure you wont regret it
You are right how hard can it be

best regards
Hiko