Gazelle Canoe Restore

[further]

Picked up a free canoe the other day and am considering refinishing/restoring but wanted your guys opinions on if its worth the effort. Interior is in good shape and most of the wood bracing, seats are in good shape except for the basket weave which is ripped. Exterior has significant cracking of the finish and looks like the PO painted over and did a poor job at it.
Here's some pics


I took the seats, center brace and end braces out. These I will sand and refinish with spar varnish....


Cracking on exterior - How should i address this? Can I sand/grind the old paint down? What's the best way to address these cracks? Then repaint?


Thanks