the alligator says the chicken...the fox says the egg ........The chicken. No question in my mind.
I usually bottom paint first. The tape sticks better to a non-waxed hull and if you hit the new paint with the buffer it migrates less than used paint does... The tape also sticks better to new bottom paint (to prevent the buffer from pulling it into the hull) than to old....Which should come first - bottom paint or compounding and buffing the hull?