I like that boat!
The good news is that it's all above the waterline.
1st thing i'd do is remove all of the aluminum oxide... I like nylox wheels for bulk removal and then a dremel to dig out anything in the deep recesses. the nylox is fairly selective to the aluminum and I use a dremel bit that doesn't dig into the aluminum...just cuts laterally/sideways.
wear a respirator b/c it will cloud-up pretty good.
Once the alumina is gone, i normally acid wash and do a chromate conversion on the aluminum.
What worries me here however is that the acids can get washed somewhere and hide...causing craters down the road. I was very surgical with this when I did it on my tin tub.
Since it's above the waterline & hidden, I think i'd just clean off the organics with acetone followed by alochol then hit it with self-etching primer + a topcoat (acrylic enamel spraybomb).
Now assess whether you're dealing with a few singular pinholes or large masses of pinholes. When it's dark, you can put a light inside then assess from the exterior.
For single isolated pinholes, I'd drill out the hole to 3/16 and buck a 3/16 solid rivet to seal the hole. You can add a little 5200 to the rivet for good measure.
If it's a mass of pinholes, I'd probably go the route of putting painters tape over all of the holes on the exterior... then butter-up a piece of 0.060" aluminum with JBWELD or Marine Tex, and solid-rivet the internal patch in place. You may have to preform the patch a bit so that it fits the curves; I anneal by soaping-up the aluminum then heat it up with propane until the soap burns...then form with a deadblow hammer. The painters tape will allow the epoxy-stuff to fill the holes and hold it there.
As far as foam, stick with closed-cell foam board.
I made a hot wire foam cutter using 26 awg SS wire (i think they use it for vape pens?) and a 12VDC battery charger.
You'll probably cook through a few wires until you get the length right (Power = Current x Voltage & Voltage = Current x Resistance). For the 26awg SS, I target about 20" long which is right around 3.5Ohms giving me great control of the cuts and not burn-up the wire. It slacks so I have it tied to a turn-buckle which I tighten once it gets warm and loosen before I cut the power.