If you no longer need bottom paint (i.e. its not staying in the water for any period of time) then have you considered wet-sanding the remaining bottom paint off???
I have a friend who did that an his boat looks much better!!!
If its pealing your going to have to sand it anyway and you are still at risk for future peeling and having tor redo it over and over again, where as if you sand off the old paint now you are done for life.
I'm sure others will have other opinions,,,
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