Anybody have any idea how long this will take to dry out?  I'll sand nearly all the gelcoat off.  

BTW, this is classic 'boat pox" blisters.  The PDO (actually, the one before that) painted over the blisters with bottom paint.  Therefore, the old blisters are filled with red paint, the new ones simply drop out as a hole down to the fiberglass.  The bow is the most critical area for a race boat.  It is also the most common place for blister problems.  There is a big gash in the leading edge about 2" by 3/4" where the trailer, or a rock, or jet ski knocked off the gelcoat.  That one area let water under the gelcoat for a number of years - I'd estimate 4-5.  Most of this damage is related to striking objects with the bow.  My big boat has a 1" by 1" square piece of steel running down the bow.  Haha, if your plastic or wood boat gets in it's way, you'd better be sure you have the Right of way!

Judy B was absolutely correct, as usual.  The stripe on the C22 was in the gelcoat.  Here is a little section I sanded down to the fiberglass to prove it!  The blue is not a thick as the white, it doesn't seem.  Maybe UV damage over 36 years has made it thin...  Well, it will be covered up with blue paint and gold braid will be painted by my artist friend will be on the little ledge just above the stripe.