Older glass glider refinishing question

Group,

I am considering the purchase of an older glass bird in my local area.
It has sat for quite a while and the finish is not the best.
Specifically, someone shot Imron over the original gelcoat at some
point in the past. (rather than take it down and refinish it
correctly.) The Imron is now lifting/flaking in a few areas. (mostly
the wing tips/upper surfaces)

Obviously one option would be to completely refinish the glider in
gelcoat. I doubt the glider is worth putting 15K worth of gelcoat on
though.

I figure the next option is to sand it down really well, do all the
surface prep, filling and smoothing I could and then shoot more paint
on the old gal. My concerns with this option is just how well I could
expect the paint to hold up or look good over the gel coat.

Third option....sand her down and fly her UGLY. I could put a bag
over my head everytime I pulled her out and waited in the tow line.
Of course this option costs nothing and I think it would be a
perfectly flyable ship with a well sanded gelcoat and showing her age.
Kinda like going to prom with your mother.

Any thoughts, ideas or opinions? (About the glider not prom or
mother.)

Many thanks,

GR