It won't be a pretty finish when you're done though

True. I sanded Dolphin down to gelcoat before applying an epoxy barrier and new bottom paint. One way or another you'll probably want to paint it. I tried Peel-Away and found it to be more trouble than it was worth, but I know that others would disagree. The yards seem to use rotary sanders to remove old bottom paint and they can do it very fast, but I didn't like the scratches and gouges that left so I spent a miserable few days using a scraper and palm sander. I never want to do that again, but it was a lot more gentle on the hull. BTW: I found later that there are two varieties of Peel-Away. The (expensive) marine version and the cheaper (surprise!) other variety that you buy from the paint store. Dunno how much difference there is between them. Giles Morris