Looks like just a bad case of gelcoat blisters. Personally I would sand with something a little more aggressive like 80 grit, wipe down, spray several coats of a2000 (4 or 5 coats) since you don't need to sand between coats the more the better and skip the part where you fill with thickened epoxy. I found that thickened epoxy and even epoxy resin with fillers can leave itty-bitty pinholes that are a real pain to fill.
That A2000 is some REALLY thick stuff that will need to be thinned 25% just to begin to get it through a gun with a 1.8 tip and forget the internal filter screen. The nice thing is that is puts down a thick coat to fair that adds a second layer of protection under your performance VC
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81 V20 1996 200 Ocean Pro
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