The bronze strut is installed in a hull recess, then fairing compound is put over it to make everything even, so there is no grinding back to fiberglass and rebuilding with new glass. The first thing you should do is make sure the strut is not loose and causing the cracks. Otherwise, the existing fairing putty held for 40yrs and isn't structural at all.
It isn't clear that there was ever any glass over this, as your grind marks show paint, gelcoat, filler. The only glass I see is where you went into the hull itself. If you want to refair it, do not put 5200 underneath fairing putty. There just isn't any need for epoxy here. If the existing fairing is solidly attached, you could just use the FGCI putty you already have to fill the gaps. Maybe grind them into a Vee a bit for better fill, adhesion, and tooling. Maybe even some light cloth fiberglass tape or CSM around the join then a skim of putty to fair the weave. You could also just fill with something like 5200 and tool it smooth.
If the existing fairing isn't solidly attached, then you will need to remove it and refair. Again, epoxy isn't the thing I'd use here. You could even just leave it unfaired if you don't race it.
Mark