If not kept in water you dont need bottom paint. Although the work required to strip the existing paint back to pristine condition is a chore from what I have seen so you might want to paint it again just to make it look good. Friend of mine just had his boat done with a white bottom paint and it looks pretty good up on the trailer.
As far as getting it off the trailer do a quick search, its been talked about tons. I've done it a couple of times and its pretty easy.
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1986 V-20
1986 Yamaha 150 HP
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