Another option is using Grizzly Grip (Bedliner type epoxy paint) that hides all the imperfections with very little prep.
I haven't tried it, but here's the thread where it was discussed.
http://www.classicseacraft.com/forum...r=54490&Forum=,,,,All_Forums,,,,&Words=Grizzly%20Grip&Searchpage =4&Limit=25&Main=54401&Search=true&where=bodysub&N ame=&daterange=1&newerval=&newertype=w&olderval=1& oldertype=d&bodyprev=#Post54490
Here's their website
http://www.grizzlygrip.com/boats.asp
If I remember correctly, the nice thing is you can roll it on and comes in multitude of colors.