So there is no paint on the hull now?
If that is the case, I would experiment with rubbing it out. If the oxidation is severe, which would surprise me on a '02 hull, you can use 600-800 wet/dry paper. If rubbing compound with remove it use that with an orbital polisher. The basic idea is to use the least coarse product that will remove the oxidation. Conventionally, you remove the oxidation and then continue to polish, using finer abrasives as you go, and finally wax the hull. I recommend getting the oxidation off, cleaning up any deficiencies, and applying Poly-glo in lieu of wax. 1 bottle of Poly-glo will do a thirty foot boat and the results are fantastic.
If you paint, you are then locked in to painting periodically, as you can't back to just your gel-coat.
Paint is applied over the gel coat-it does not get removed.
Well maintained gel coat looks much better than most paint jobs. It is well worth staying on top of it's maintenance. A little effort yearly can preclude a large bill down the river.