We did the bottom on our 37 about 3 years ago.
Sanding and fairing in on Toodle-oo! was not an option. The surface was reminiscent of the lunar surface and it was impossible to get to sound footing - no matter what we did to get it smooth, we could always chip a bit and end up with a jagged edge.
We looked at having the yard soda blast and re-do it - at $4 - $5,000, we decided that was too steep so we set to ourselves.
Stripper was applied multiple times and scraped off multiple times. The fumes are intense. I think it was the worse series of weekends I have ever spent in my life. It was also not cheap - taking several gallons to remove everything.
Afterwards, we sanded down to nice pristine while gelcoat - really pretty. There were zero blisters.
Then we started on the barrier coats. I can't remember if we did 5 or 7 coats - alternating grey then white. Not inexpensive.
In all, it was the longest, hardest, strength sapping, sweatiest job we'd ever done on a boat and vow never to do it again! However, having researched what the boat yard would have done for the quote, the job we did was orders of magnitude more thorough. I think when I quizzed them, they were planning on a couple gallons of barrier coat - I think we used a gallon for each layer...
We were able to also tackle fixing up the boot strip that had been painted over by the previous owner - so that was a nice benny.
As a result of doing the bottom and fixing the boot strip, we certainly got great satisfaction from the project - and when it came to sell her, it was a great selling feature - the bottom looks flawless still!
Would I do it again? No way!
Still looking for that elusive boat!