Re-glassing the area from both outside and inside is the proper way to do it providing your hull is fiberglass. One less hole in the hull to worry about.
Ensure the proper procedures for tapering into the area are observed as well as the lay-up schedule for the fiberglass system you are using. Reapply barrier coat, primer and hull paint as recommended.
If the hull is metal (steel or aluminum) weld in a patch.
Opportunity is missed by most people because it is dressed in overalls and looks like work.