The spring after we purchased our boat, there was a lot of paint build up and was flaking off, etc. So I had the bottom blasted only to find these...

Mostly little blisters, not deep, with the exception of about 10 that I ground out.
Here I am sanding
ALL the remaining bottom paint off...wear proper safety protection!!!
Still going...all day long...
After sanding down to white gelcoat, I washed it about once a week for about 4 weeks to remove bad stuff, acids, reisdues, etc. then let it dry for another 6 weeks or so
Then I started to fill and fair the bottom. I used West System with filler which has the brown color you see below. I also tried a vinylester product (forgetting the name at the moment) which you see in blue.
Remember...
epoxy over the vinylester okay, but not the other way around
more filling & fairing...
Finally...the barrier coat application (gray)...starting to see progress, I put 5 coats on the hull with 3 more or 8 total on the bottom and forward part of the keel & rudder...
Before the last coat of barrier coat cured, about 3 hours in 90 degree Maryland weather, I applied the first coat of bottom paint. Doing this should help form a good bond between the two. I used an ablative paint in black, of which I applied two coats.
Here I start to apply the third bottom paint coat, but in
blue, so I can see when its time to re-coat...
Finally done painting...yea right...
Here you can see where I removed the PO's try at a boot strip, I just took the bottom paint up another 1 1/2"...
Finally this spring I painted a new boot stripe...

I need to do some repairs to the stripe due to the sling when we splashed her but I'm pretty happy overall.
Its been three years now since I have barrier coated the bottom, leaving the boat in year round. This spring there were no signs of blistering.
Total cost to blast, sand (ended up renting a sander from the yard), fillers, barrier coat and three coats of paint, if I remember correctly was just over $2000.00 and about 60 hours of time give or take.
Good luck, theres lot here that you can search for on the topic...