I don't think any LP should be used below the waterline.
If I were in your shoes, I would consider a 'hard ablative' (Pettit Vivid) or go with a hard epoxy with no anti fouling properties such as Interlux performance epoxy with Teflon.
One thing to consider if you go the Interlux with Teflon route is that you would have to completely remove if you wanted to put on traditional bottom paint in the future.
If your are hell bent on keeping factory look, have the bottom done in gelcoat.
I wish I was making progress on my little Bertram project.
Ian.
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