Sonny...While there's been lots of great advice onn repairig blisters here...one thing you have to consider is that this is a 25 year old boat worth perhaps...$2k??
Aside from the hundreds of $$ of materials you will need to make this really right...there is a lot of unpleasant labor involved and you have to put some value on that. If the blisters are as extensive as you seem to indicate, I'd try to do a cheap and dirty job that will keep ya good to go for a few years before the boat is trashed. I would sandblast below the waterline, throw on a couple of coats of barrier coat and a couple more of bottom paint and just go sailing!
If you want to go for the right job...no problem...but I just thought I'd offer a contrary opinion! If you do decide to go ahead...check out thhis article on how you can do it without spending months waiting for the blisters to dry out: