Re: oxidation
Really depends on how bad it is oxidized. Since it is an old boat I am assuming without any pics that wet sanding will be the most effective method for the op.
Wet sand with 1000 grit paper first on an area that is somewhat hidden and do a test.
On my particular hull, I wet sand with 1000, 1200, then 1500 grit paper. I then used starbright hull restore and then waxed with woody's Triple XXX wax. Wet sanding imo, is just as easy as compounding a hull, easier alot of times depending on what compound you use.
You can try the restore products first and see if it is aggressive enough, but compound is nothing more than 2500 to 3500 grit sand paper in liquid form. Good luck
If you really need to be agressive, work with 600 grit paper and work your way up. Wet sanding can make an old fiberglass hull look new if properly done.