Re: Which Paint should I use?
Well a basic prep plan for all paints would include getting the area to be painted as clean as possible. Any surface contamination is going to hinder the paint's ability to bond to the surface. To clean it start by doing a regular wash with soap. Use a good cleaner that will leave as little surface residue as possible. Rinse the area with clean water more than you think you need to.
TSP and water is a good start. (trisodium phosphate from the home center)
Next you need to continue cleaning using plenty of clean rags and a strong solvent. The solvent you use can be dictated by the paint you choose. MEK (methyl ethyl ketone) is a good slow evaporating solvent. Use the wipe on-wipe off method with two rags, one wet, one dry. Change your rags often. Lacquer thinner is another good choice.
Now it is time to do any sanding and repairs that are needed. If you are working on a relatively smooth surface a light sanding with a fine grit will do the job. The idea is to clean the surface, no necessarily get it smooth at this stage. While sanding perform a complete inspection of the surface. Follow the sanding with another wipe down with solvent to further clean the surface and remove the sanding residue. (320-400 grit by hand 220-320 power)
At this point you will have a good idea of any repairs that need to be done. Depending on the paint you use, bottom paint is relatively thick. If you want the surface to appear completely pristine and smooth it is necessary to sand the painted area smooth before applying any primer or paint. Start smooth, end smooth. Any chipped areas will need to be feather edged. Feather edging is the process of sanding the edge of a raised area until it tapers out removing any edge you can feel with your fingertips. If it feels smooth it will look smooth. Always follow any sanding you do with a solvent wash to keep the surface clean.
The next steps are largely dictated by the paint that you decide to use. To choose the right paint you need to ask yourself what you want the paint to do. Is it above or below the water line? Do you want a slick shiny look, or is the paint going to serve as a antifoulant? What color do you want? There are a ton of bottom paints on the market that promise everything from forming a slick surface that makes your boat run faster, to magic compounds that keep growth from fouling your hull. (in your case toons) Do some research and look at what is out there. I am sure there is a paint to suit your needs.
Most of all be thorough, and have fun doing it!