Re: Gel Coat Question
Hmm, I think you're mixing terms here.
Short answer first: You can't just paint on more gel coat... it's either part of the original hull or it's not. Anything applied later is a paint. Also, for best results with any coating, most of your time will be spent doing prep work. Just "getting it clean" isn't enough.
"Gel coat" strictly speaking is a variant of a polyester resin material.. it's usually used as the first or closest to the mold layer on a boat made of the stuff, because it provides a nice smooth, durable surface.
An epoxy "gel coat" is probably (I'm guessing) some sort of clear epoxy paint which might make a good surface coat if it's good quality stuff but only with proper surface preparation. It won't look like the original hull did, in any case. It's a different material.
You also say your gel coat is "blistering" below the water line..that seems strange to me. I've read about moisture getting below the outer layer of the hull layup and causing blisters, which is delamination, but I've never seen it in real gel coat. Are you certain the hull has never been painted?
In any case, what you'll need to do is to clean and prep the hull first.. make sure you remove all those blisters and loose material, probably sand with a fine grit sandpaper, fill with fairing compound as necessary, and then paint on your "gel coat". Probably 95 percent of the total time to get it painted will be in doing the prep work. Check out advice posted here on "tip and roll" or visit the interlux web site to get an idea on how exactly to apply the epoxy based paints.