AllDodge I used a product called "Peel Away" on my F-242SS a while back. There were several versions of the product, based on what type of paint needed to be removed. It softens the paint so that it can be easily removed with a scraper or power washing. It takes a day or 2 to soften the paint.
My recollection was that you applied it and covered it with a special paper that held the solution up against the paint. I think I used plastic drop cloth instead of the paper stuff. If you got a heavy buildup of paint, it might take a couple of applications.
I have not seen the product in stores lately, which usually means that it worked too well

, but it still comes up on the Google searches. As I recall there was a version of it sold in marine stores and a version sold in hardware stores, no need to guess which version was more $$$
Epoxy paint is probably the best route for DIY, a really good fiberglass shop could probably re-gelcoat. My understanding is that the typical gelcoat process would be to spray the gelcoat and then wet sand the orange peel w/ 2000 grit to a shine. Not sure a slight orange peel surface would matter below the water line.
If you do the gelcoat, you will still want to epoxy barrier coat to avoid blisters . . . so maybe just do the epoxy instead of re-gelcoating.
This would be an interesting thread if you want to post your progress.