Just Purchased 74' v20cc

Hey everyone i just purchased a 74' v20cc for the price of 500 bucks with trailor. the boat is in actually decent shape and is very solid. does have a little fiberglass damage but should be fairly easy to tackle. my main question is paint. right now it has bottom paint on it that is in terrible condition. i really want to get all the bottom paint off and paint the whole boat one color. can someone just give me advice on the situation?

also can i paint the boat in the same proccess of a car? spray it on with a spray gun and compressor? how are these products?

http://www.boatersland.com/intypa200g.html

http://www.boatersland.com/peteasypoxyg.html