Below water line
My last two bottom painting jobs have been with Woolsey Neptune, a water based paint. Being water based Neptune is easy to go on, will go over exisiting with a minimum of prep work, and easy on the clean up. Three coats at the water line and two over all. With two gallons there may be a bit left over which I use on the stern section water line (cockpit aft) and on the rudder water line, both areas seem to erode faster than the rest.I have left the boat in the water over the winter and pulled it every other year either for a short haul (powerwash, zinc replacement, and hull evaluation) or for winter layup. The bottom still looks good at the end of season one, starting to show some wear at the end of season two, and repainted at the end of season three but could have probably gone another season.