Re: Restoring bootstripe by wet sanding?
Ditto for using MaineSail's instructions for restoring your boot stripe.
Definitely, don't paint it.
I've used them with amazing results. Word of caution: don't substitute inferior tools and compounds. Do what he says.
Wet sanding with 600 grit is likely the way to go, and work your way up from there with your sanding grits. You'll likely end up at 1500 grit, followed by compounding with Presta or 3M products.
You should end up with a like new shine. Be sure to budget some time in the future for doing the entire topsides with Maine's techniques.