Help PAint or gel this is the question

Hi all you boat enthuseists:
I have a delima I purchased a old boat knowing that I would have to do some external repair to the hull to bring it back to a nice luster....My question is should I re-gel the hull with epoxy gel coat or should I use a paint such as Imron or equal. I would like to know your opinions.....

 

What does the hull look like? To apply an other gelcoat is quite a job, maye some local repaires are all you need!