Awlgrip Over Cracked and Crazed Gelcoat

[eroot]

I am interested in an old sloop where the owner painted degraded gel coat with what is claimed to be Awlgrip, without proper preparation. As a result, the pronounced cracks etc. covering the whole hull exterior show through. The condition of the hull above the water line is ugly! The boat is inexpensive, otherwise in acceptable shape, and the woman of my dreams says that this is the boat for her. Aesthetics aside, is this a situation where the boat can be used this summer (we are entering the all too short boating season here on the Maine coast), or is the risk of introducing water into the laminates too great to wait?