I found two areas, probably one that you are talking about, that did not show that gray paint, but only smooth fiberglass. (undamaged) Like the gray lifted off of that as well.
Oh well, time for repair.
I am considering hiring a soda blasting company to remove the bubbled layer. Not sure if that will work. I have -0- knowledge of soda, walnut, or sand blasting. I have read that sand blasting is not the preferred method.
I have ordered, per the Interlux tech advisors recommendations, 2 gallons of interprotect 2000, and two gallons of Fiberglass Bottom Kote NT. (or something similar to that)