C27 Weeping hole in hull

[trasel]

1983 C27...After applying 2 coats of ablative bottom paint, I cannot launch due to weird small (3/8") imperfection area that is slowly weeping fluid located in forward hull approx 1' below waterline.
This boat was on a mooring for many years prior to this haul-out.
Should I wait for complete drainage of hole to dry-out prior to filling with Marine-Tex and re-launching?
Has anyone out there ever experienced anything like this before and/ or have any advice for me?
Thank you for your comments.

 

[Merlin Clark]

Looks like it may have been a blister.
Rather than wait, I'd take my 4" side grinder (available at Harbor Frieght for under $20) with a heavy sanding disc (60 grit, serious but not too serious) and backer (available at Lowes) and open it up a little. If it's an old blister I'd grind to good, dry, solid glass and then patch it, using multiple layers of biaxial or whatever FG is available and epoxy resin.