The hull is certainly not doomed, not even close. Its just going to take a lot of work. Just make sure that your repair incorporates the proper bevel ratio. (lay a straight edge over the blister (assuming you have it fully ground out) and measure the depth. a standard ratio for beveling is 12:1. if your blister is one inch deep (c'mon, its an example!!) you would need to bevel back the surrounding area such that it gradually meets the surrounding elevation 12 inches out from the repair.) and you will be fine. After beveling you will start layering in the mat ( or your choice of glass product, I like biax). Starting with a piece that roughly matches the dimensions of the deepest spot (this will be the smallest piece) you will add larger and larger pieces of mat until the last piece is the perfect fit for the hole and the thickness matches up perfectly with the surrounding area.... ahhh bliss.... too bad it never happens that way. once you are back to factory thickness you will have to sand/fill/fair the area to prepare it for topcoating. Lots of boats get holes in them or through cracks from hitting something and they are repaired this exact way. the excellent thing about fiberglass is that it can ALWAYS be fixed!
you also should not have to let the hull dry out if you have truly ground all of the damage out. It would not be a bad idea to let it sit (as Luke did) if you are unsure, but if all the damage is removed you should only have dry glass in there.
more food for thought, epoxy has excellent adhesive properties that would be very well suited to this repair, but you are limited on what you can topcoat with. it HAS to be an epoxy product. not a big deal, but something to keep in mind.