I agree with Chuck on most of it. Chemically strip, then sand. Spend a HUGE amount of time making sure the prep work is PERFECT. Even after you think it's perfect, go over it at least twice more. Use epoxy based fillers to take care of the dock rash, with a long board to make it smooth. If you need instruction on how to make a good long board, let me know.
If you plan on keeping the boat, use a 2 part paint system such as Interlux Perfection. Decide now what paint you're going to use, and stick with the recommended products for that paint from the same manufacturer. There may be other products that work well with whatever paint you choose, but I'm not a chemist so I do what the paint co says.
Choose whatever color makes you happy. I have a dark blue boat, and it gets hotter in Kansas than it does in Florida. It's hot in my boat but no hotter than everyone elses. Your deck color will have more to do with the heat inside than the topsides. If you paint a dark color, you will have to make sure that any filler work is PERFECT. If you get the dock rash to the point that you can't find it anymore, even though you know where it is, then find someone else to look for it (and show them where it is) preferably someone who does auto body work for a living and they can't find it, then you might be ready for dark paint. After you paint you'll still find some places you missed. Dark paint can be done with a roller and brush, but it's not easy and it's very time consuming.
Here are the steps I took to paint my topsides:
Degrease
Sand with 120 on an orbital
Degrease
Identify chips, nicks, scratches or cracks.
Grind out chips, nicks, scratches and cracks.
Fill with epoxy filler.
Sand filler with long board and sanding block with 80 grit. (never by hand)
Identify problem areas.
Add filler to any areas that need additional filler.
Grind out and fill additional areas found.
Sand with long board and sanding block.
Repeat as needed (at least twice more)
Degrease.
Get a friend to help paint. Roll and tip can be done but it's almost impossible alone. You have get exactly the right amount of paint on and tip it before it gets sticky. Don't let your brush load up with paint or you'll get runs at the rub rail. Use the primer coats to perfect your application technique.
Apply first coat of primer.
Wet sand with 240 and sanding block. Use a rubber squeege made for this to show you when it's smooth.
Identify and repair problem areas.
Apply 2nd coat of primer.
Wet sand with 240.
Identify and repair problem areas.
Primer / sand / primer / sand.
If you can no longer find any evidence of your repaired areas, you can now paint. If you can see your repairs now, after you paint (especially dark) you might as well hang a sign on it.
Degrease.
Paint. Let dry.
Wet sand with 400 on a sanding block and squeege. I add a little dish soap to the water. It helps the squeege glide.
Paint / wet sand 600 3 more times.
Paint.
Enjoy.
If this sounds like a lot of work, It is. It took me months of weekends to get it done.
The results.
http://groups.msn.com/baylinerbuccan...o&PhotoID=3870
http://groups.msn.com/baylinerbuccan...o&PhotoID=3905