Correct Craft uses an epoxy/vinyl blend resin (AME 5000).
The prep for paint and gel is the same. Labor on the gel will be higher after its shot, as it will require a bit more time to smooth it out than paint... but this is a moot point if youre doing the work yourself. Painting the boat will result in an inferior finish, and you'd need to do the whole boat. You can do spot repairs with the gel. Color matching is the tough part, but a pro could make the repaired areas disappear. Due to the age of the boat (gel will fade or change color with age and UV exposure) a custom match would be required whether or not the original colors were available.
With the exception of the few major damage areas, I bet the damage doesnt extend very far.
Based on past experiences, I have a strong preference for working with epoxy... far easier to work with and superior strength over vinyl or poly. A quick coat of vinyl resin over any epoxy repairs would be all thats needed for a conversion coat prior to gel. Of course, if youre comfortable working with vinyl, then using it for the repairs would save that one step.
Last edited by TRBenj; 01-03-2013 at 08:40 AM.