Re: Small hole below water line
I'll second what Bryan said - skip the Marine tex, and just use resin and cloth / matt. standard repair - feather the edges back. Preferably apply repair from both inside and outside. You should get a copy of the West Systems book on doing this stuff, even if you don't end up using their products - though I would recommend using epoxy for this, over polyester, as it has a much higher secondary bond strength.
just my .02
Bill
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