I've been looking into this for a while as I plan to fair and paint my hulls within the next year. What I have determined is the following. Gelcoat is great if you are molding a brand new boat. You get a finish as good as your mold and it helps fill in any small voids the fiberglass and resin did not fill to give you exactly the shape of the mold when the boat is new. I'm not a fan of spraying anything seriously toxic in my garage or on my lawn/driveway.

Epoxy paint seems to be the answer for aftermarket paint jobs that will cover the entire hull. With the thinners and paints available it is easier than ever to get a great finish by roll and tip. Plus, the epoxy being harder is what I want for recreational sailing. It will take the beach abuse better. If I have a scratch that goes through the paint (or gelcoat) I will have to sand either one to fair in the touch up. Granted the epoxy will take more sanding but I bet the outcome will be much better than a gel coat patch. How many awful looking gelcoat patches have you seen out there?

Who hasn't made an epoxy repair on thier boat. We are all used to working with this stuff and know how to handle the fumes.

Just my 2 cents