There is no reason why Kalakala needs an expensive restoration. It can do without engines, hull repair and all the expense of protecting lives at sea that a ferry requires.
It does not even require being afloat.
What is needed is a place to set it: a park close to the water and public transportation, plus basic utilities. The upper deck would make a fine restaurant or nightclub, and the auto deck could be made into a museum or entertainment center.
Tacoma would be an excellent location, since there is plenty of park land and/or pier space directly adjacent to Puget Sound.