The elmer's brand is better resin than your boat is built out of. If you use it, make sure you have preped the suface well to get good adhesion. Of course that's true no matter what you use.
Elmer's (polyester resin) sets up in 15 or 20 minutes. Most epoxy will take 24 hours to really set. It depends on the job I am doing which one I will use. If you want to save a buck, buy it and do some tests for yourself if you have any doubts. It is much tougher than what you will hear people say. Most of them have never used it personally, they just assume if you buy it at home depot it can't be good.
If you use it below the water line I would "paint" it with epoxy or another barrier coat. Polyester absorbs water more than epoxy.
I bought some polyester resin at a boat store, just to fill in some holes int he deck, nothing structural. It cracked drying in the sun and I had to cut it all out and refill it. I have a high opinion of elmers compared to other things I have used. It is easy to mix, and predictable.