Thanks to everyone so far. Regarding the striping, it's a little more complex than just horizontal pin stripes. AMF put fairly large letters (about 4") reading "TRAC 14" on the side as well as some funky curvey vinyl designs that then extend horizonally along the side of each hull. Would be impossible to duplicate cutting vinyl by hand, I guess, but I'm not sure how it will hide otherwise aside from painting since the gelcoat is definitely discolored where it has come off at. Hmm, I'll have to play with that a little.

Yes, the hulls were stored outside with no cover and with the drain plugs open. They must not be leaking along the bottoms, as Berny pointed out, but water was definitely getting in. The guy I bought it from said that it took water on while sailing or sitting in the yard. ?? Looks like the o-rings on the plugs are missing, so that would explain water while sailing. As far as when sitting, could rain be flowing down the transom and into the drain holes? I'll be able to do a thorough leak test tomorrow, I think, so well see if there are any other culprits...

OK, regarding painting the hulls, I might be happy to leave them as is except for the striping problems already mentioned and some 2" registration numbers along the front of the hulls (which has been changed to a different number at some point and looks very poor, with the "ghosting" of the previous number very visible behind the current number). Anyway, those numbers are all coming off since Florida doesn't require registration of sailboat less than 16', but I'm again stuck with the problem of very visible ghosting. Can that be buffed out, sanded out, etc., or do you really need to repaint to hide it? I do have a few other nicks to fill here and there and I'd like the boat to look sharp in the end, but I don't want to go introducing future chipping/flaking problems with paint if I just needed to sand or buff or something instead... Anyone got experience here?

Again, thanks!