Is it vinyl or hypalon, because.........
Unless it is coming away from the fabric backing, good quality hypalon can be restored over and over again by cleaning and sealing. Personally I do not like the look of painted inflatables and the solvent can't be good for the fabric.However, if you have a real basket case, perhapsl made of vinyl, thorough cleaning and then a good quality vinyl paint might be OK (have done this a lot with old car upholstery). Might seal pinholes too, although magic glue can alos be used for this.You might go to our Gelcoat and Plastics forum for more info.THanksJim Willis