If you have the time and the equipment, it's not that difficult. It seems that there is a common defect in the coating of the cast iron keels in that the original coating begins to blister due to improper preparation by the supplier. I did the keel on my 323 last year after 8 seasons. The keel is either ground or media blasted to bare metal, and must be recoated immediately, before any oxidation begins to appear. Taking off the old coating with a grinder can be done but takes awhile to do it properly, and depending on your yard policy, they may not allow you to do it. There is no lead involved, but it's a dirty job. Steps must be taken to contain the old coating dust.
To recoat, I used several coats of Interprotect 2000 following the manufacturer's recommendations, followed immediately by 2-3 coats of bottom paint. The first coat of bottom paint as I recall was put on within a very short time window to insure a good bond between the Interprotect an bottom paint.
I believe others have had success doing small area repairs using Primocoat on the bare cast iron, then bottom painting.