paint.
Start with a good sanding and thouroghly clean, then spray or brush with very thin paint, each time sanding it back to the gell coat. The paint will seep into the cracks and produce a smooth finish. A couple good finish coats and you're boat wil look like new.
The paint will act like a glue and prevent hairline cracking from showing through.
Buffing 'melts; the top layer of gell coat and is a very weak repair, often showing the hairlines when cooling after you put the tools away.
You want the paint for the first coat to act like soapy water or oil on a hot pan, just spread out like crazy when dripped, that way it will fill the cracks and bind them together, each additional coat should be slightly thicker (depending on how the cracks show)
It is NOT a quick fix, but will be a long lasting one.
Ken.