My brother built a Waller 5.4m TS in WA (it's now down here in Tassie) and we brought an old 16ft skiff for a few hundred dollars. The best thing was we then had mains to fit the mast.
The biggest expense you'll have doing it this way is the spreaders as the originals will be way too short. I was lucky to have an old ally set off a Thompson 750 that we cut down.
So my point is, be careful it doesn't end up costing you lots of $$ to convert as if you purchased a brand new complete mast, the blank section is the cheap part.