Yes if you are prepared to spend the time involved. You need to remove all the paint before you start then cover with some light glass cloth. Resin over and scrape most resin away with a piece of plastic (credit card size) so that you do not add too much weight to the hull. Finish with plastic padding to produce a smooth hull. if you have a local supplier (try your local business park) you can use epoxy in place of resin. This can be sanded and a final coat will produce a really superb finish.
I would have suggested this earlier but it is a lot of work and not a quick process. Others on the site have used similar methods and you should be able to find more details in the forums. Perhaps someone who has posted details will point you to the right post.
Good luck
Dave

Here's a thought....

Having removed some more paint off the bottom of the boat, there seems to be a few places which are potential leak points.

So rather than persist in removing more of the current paintwork would it not be better to glass fibre the hull and smooth down a layer of p38 on top and prime and paint new surface?

I'm thinking it would save further sanding time and help to make the boat more water resistant

HI JimDavie
If the boat seems watertight then under coat and final coat should be OK. I use grey acrylic car primer but please test a small insignificant area as it may react with the paint already on the boat. Very light coats left for a few hours to dry between coats usually work but do check each coat as any softening means the coat underneath is dissolving. Wet and dry sanding between coats will produce a nice paint job. You could use the red primer on the base of the hull saving you the need to for a top coat. I finish my model with clear acrylic to keep them clean. Again please test for compatibility.
Good luck
Dave

HI Dave,

Thanks for the Reply,

The inside of the boat is painted black inside and seems to be sealed along the seam points.

Not sure of the paint underneath the outer coat of paint on the hull. There are a couple of patches in the hull which appear to have be fillered. However all this noted I have replaced the Rudder for an RC Control Rudder and its fitted very neatly.

Tested the boat as is at the moment in the bath and there appears to be no leakage going on.

The boat is mostly made out of sturdy plywood, accept the balsa additions I have recently added.

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As I understand I method of applying a spray paint job on these is to use a primer undercoat once sanded smooth and then to apply the colours? is that about right

HI Jimdavie
Welcome to the site.
Looks exactly like my 34" Aeorokits fire tender before restoration. That being the case the wood and glue joints need protecting against the ingress of water.
Can you tell what has been used under the remaining paint on the hull?
If you have untreated balsa this really need to be sealed. To advise you further we need to know what type of paint is left on the hull.
Dave