I’ve decided to strip the stripes using a heat gun and acetone. I also purchased an angle grinder from Harbor Freight and using a cup wire brush, I removed all the heavy rust. I plan on using Rustoleum Rust Reformer to prime all the rusty spots then brush on Rustoleum Gloss White enamel. I’m working outside in the wind, so spray painting it would be nearly impossible. I decided on white hoping it will be the most visible while underwater.
I haven’t decided on new stripes yet. I may just go with a 1 inch red reflective stripe down each side. U.S. Boat sells a 125 foot roll for about $60.