ok.....im here. just found this thread.
so it looks in really bad shape. wetsanding is not necissary and takes way to long to do. we just got done wetsanding a whole 50 foot boat. waterline up. it was not fun and it did nothing for the finish. but for this boat what i would do is get some 3m or meguiars compound. compound the whole thing out with a rotary. u will find a huge diffrence. just make sure not to grind on it to hard or u will be in swirl heaven. make nice even passes up and down only.(i find if u move up and down in lil circular motions the swirls are less visible. ) then go and get some 3m cleaner and wax or restorer and wax and rotary that one as well. same way of doin it. just use an aplicater to put it on. then buff it off. after that u can opt for another pass if needed or you can put on some 3m wax. make sure all these products are marine line. it will help because cleaner wax for cars is alot diffrent then cleaner wax for boats.
if you dont want to do the compound then maybe just try 3m restorer and wax. that may be able to cut through it....and it will save you time. try a chunk out and see what the results are. with it being red you will have to be EXTREMELY careful of swirls......dont be all over the place with the rotary or it will show.