What is the path of least resistance to a fresh coat?
Strip the stripes. Wet sand the hulls. Buff them out. Replace the stripes (optional). Wax. You'll want a rotary buffer with a couple of different pads and an orbital polisher for the wax. You can do it in a day, but you'll be really tired when you're done.
What type of paint?
None. Don't do it. Doing it right is more work. Doing it half-assed looks . . . half-assed.
What is the process of repainting her?
If you really want to go there, surface prep is the key to a great looking paint job. The more time you spend there, the better it will look. However, any paint job is going to chip, flake and get worn off the bottoms. It fills up the pattern in the non-skid. Paint isn't as thick as gel coat and isn't as flexible.
The best-looking paints are also the most noxious. You need supplied air if you're going to spray them. Spray booth helps, too.
Seriously, you can clean the hulls up in a day of pretty unskilled labor, with minimal investment in tools and consumables (less than $200, tops), or you can spend a lot on equipment (spray gun, compressor) and really expensive paint (some of the 2 part polyurethanes cost $70/quart) and still have an inferior job.