Small hole below water line

[oldbluesplayer]

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