Hey, that is what we are doing as well (I am the only one in the group who dares to apply the belt sander): http://woodastic.blogspot.com/2008/03/repeat-until-done.html

I use an orbital sander afterwards with a soft foam pad. Then a quick run over the hull panel with a torture board. Thinking is that we will fair the underwater hull "the hard but proper way" with fairing compound and put on some graphite when time permits.