Painting is far easier than re-gel coating. In any case, you are in for a lot of fairing and sanding before you can apply any finish coat. (Of course there is always the option of bedliner spray over the entire boat: :lol: )
The best result is gong to be aggressive sanding, and it may be easier to sand off the gel coat to a smooth surface, rather than a light sanding and then trying to fill all of the pits. In either case, the best result will be the application of at least one epoxy coat--for a really good job it is gong to be epoxy, sand, epoxy sand, until surface is perfect--or near so. Do not use "Bondo" It will not hold up well with time. There are specific marine fillers--probably the best by 3 M, or making your own with epoxy and medium density fillers.
For the final coat you have several choices of paint types and of application method.
The best finish, and probably longest lasting (over 10 years) will be sprayed on two part linear polyurethane paints. You can also tip and roll on these two part paints. These are not for below the waterline, if the boat is left in the water for any length of time. Example of this would be Awlgrip or Awlcraft.
There are a number of single part polyurethanes--such as "Brightside". These are usually put on with tip and roll method.
I have seen some tip and roll which are nearly as good as a good spray job. But for the best--a team who is experienced with spraying two part LP is the best.
Then there is the method my dad used on his wooden boats: He felt that all boats would get a little ding now and then. A glossy finish looked great the first few weeks after application, but touching up dings, often was not perfect. He used a mat flat paint. When there was a ding (often caused by his young son's learning attempts) it was easy to just do some light sanding and brush on the mat finish...From 50 feet the mat looked just as good as the gloss. I suspect that you would still want to do some sanding to be sure that any surface contamination was removed, and do an epoxy coat. Then sanding as near to fair as possible, before the mat finish....In the olden days (1940's and 50's), these mat finishes had a slow sloughing of the surface, so always appeared reasonably fresh.
Good luck: ere is to you for the love and labor to restore this boat!