OH NO!!! BLISTERS

[Tensho]

Need some help. Well as I had stated I just bought a nice 1984 23 foot sceptre. In the process of peeling away the 6 coates of bottom paint we just discovered blitering on the waterlines on the port side. We are still peeling away the the bottom paint on the hull but thus far I have been able to feel some blistering down there too! I was just going to stip the layers of bottom paint down and give it a nice new fresh thick layer but what do I do now? Any help is great help....

Thanks everyone.