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You can, but you'll have to sand/buff/polish the gelcoat anyhow because it's not coming out of a polished mold. You'll get better results repairing and fairing the canoe, then priming and painting with a good 2 part polyurethane paint.. There are versions for spraying, and for brushing or rolling, all of which can get good results, especially on a small job like that. However as noted above, it won't happen for $100.
Good luck.
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