I didn't see a link to the newest video but followed the last link to watch it. Never pulled a cap but my understanding is disconnect anything between hull and cap, pull rub rail insert, remove a lot of screws or rivets, remove rail, lift off cap. There may be some flexible caulking to cut thru or a slim chance they are glassed together. You can probably find a strategic place from inside to check what's in the gap. But don't decide yet, check that transom first, if it's bad (hope not) you'll know what needs to be done next.
Hey, don't worry about spending more $ on tools than product, the resin will take care of that!
On the dremel tool consider an oscillating multi-tool. The dremels don't seem to fare so well in the abrasive environment (motor burns up) and the oscillating tool cuts fiberglass pretty efficiently without a lot of dust using a metal blade - it's good for other things too like cutting off nibs in PB and glass sticking out above stringers. I have a rotozip (good for burning up cutters), a small dremel and a cheap multitool from HF. If the multitool will get to everywhere you need it to it would be my second weapon of choice after a saws-all.