What I recently did ...
I purchased my 1979 Hunter H37C about 5 years ago, same situation, multiple coats, flaking paint. As many told me to do, I just sanded down trying to find solid paint and used ablative paint for 4 years.The problem was that every year, at haul out, when they pressure washed the hull, I would see my last coat of ablative paint being "cleaned" off the hull with more flakes, so here we went again with one more coat of ablative before the following launch. Obviously they must have being an incompatibility in the paint system (layers) over the years, prior to purchasing the boat.Last spring after looking at all of the nice clean hulls in the yard from my "racing" neighbors and a few discussions, I decided to take care of the situation.I had the hull blasted with corn husk, not as hard as sand or soda. After blasting, I was lucking to find a remaining thin layer of gray barrier coat, with no blisters, which I sanded with 80 grit and then applied 2 coats of Interlux InterProtect 2000E barrier coat and 3 coats of VC17m.I am cruiser, not a racer, but I can honestly tell you that in light wind condition, I gain 1 knot of additional speed and can now max out hull speed in much lighter wind conditions then before. Obviously the old peeling surface was creating a lot of drag and on crossings of lake Michigan, 1 knot makes a big difference. ( 1 knot over 12 hours of sailing is 12 nautical miles, that makes a 12 hour crossing almost 14 hours).So everything depends on the type of sailing you do and how long you plan to keep the boat. I was looking at a few Hunter 37.5 before I was lucky enough to find Rhapsodie our Hunter H37C. Your hull length is probably very similar to mine. I needed 6 cans of VC17m for the 3 coats. Rhapsodie was pulled this morning and after the power-wash (a light coating of green slime), I found a nice clean hull. I will apply one more coat of VC17m in the spring just before launching, no sanding needed. For our conditions and many up here in the great lakes (fresh water and pulled out every winter), VC17m is the way to go.