I do this every year by myself on a Hunter 28.5. -- I'd admit I'm nuts to do so , but the guy out in front of you on the light air race day has wet sanded his racing paint too!
Here's the drill as I see it: In order not to have major build up and get good adhesion, I wear a Tyvec painters suit , hat and rubber dishwashing gloves and start by wet sanding with #220 0r 240 wet-or-dry paper held on hard rubber 3M sanding blocks. I do about 3' strip long x 12" high in a circular motion, switching hands and switching out to a clean 3m block ...I keep two or three in a bucket of water with a couple drops of dishwashing liquid soap. Use a hose liberally to wash off your work area; various marinas may have requirements about the wetsanding or dry sanding residue retainment.
I'd figure about 3-4 hours to do this first pass, then let it dry and tape off the water liine and shaft and paint the Baltoplate using 7" West System foam rollers and applyiing a fairly thin rolled out coat to achieve minimum 'orange peel' texture. Baltoplate disolves the adhesive in most any rollers so have 3 or four on hand to keep from having disintegrating foam in your paint job.
The new paint should be very lightly wet sanded with #240 to take off the 'orange peel and any roller marks, followed by maybe a second light pass with #320; and I stop there. You could burnish or go to #400 or even #600 wet or dry, but tha depends on the result you want. The final wet sand after painting should really be done by more than one person, and you will feel it in your arms and shoulders the next couple days.
I used to spray the Baltoplate and it does make the wet sanding slightly easier, but is so much harder to do in most working marinas and wait for low or no wind conditions.
Baltoplate is a hard vinyl paint, so once you are in the water you can use a fairly aggressive grille scrubbing pad a day or so before the race to take off any slime.
Again, this is only an exercise for serious racers, so a faired in bottom, decent sails, and practiced crew should be part of the equation. I think the J24 sailor will respond to that.
