To echo what was said above, do not sink any time or money into that boat until you have gone over every foot of the hulls checking closely for soft spots. At first glance, the hulls look very neglected. If they have any significant soft spots, probably best to consider it a loss and find a better boat before putting money into this one. If the hulls are solid, then probably ok to move forward. I agree, painting should be a last resort only. Even 40 year old gelcoat can shine up nicely with some compound, wax, and elbow grease.
For info on restoring the boat, search “wolverine hobie” and you will find online versions of the Hobie Hotline magazine from the past 10-15 years including how to fiberglass articles in the “this old hobie” section.
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