2 pack epoxy is definitely the way to go and yes you can spray it once it is thinned down properly. I sprayed my hulls with International paints last time around with no problems or issues.
It is important to get the hulls back to bare timber so that the new coating system can bond properly. You may have to give the decks some additional care since they were varnished. Any good yacht chandler should be able to advise you on any special treatment.
Once you get the hulls back to bare timber give them a couple of brushed coats of International 2 pack Everdure Primer and sealer. It will sink straight into the timber and provide a hard surface that is resistant to cracking particularly in the areas of most traffic. It is absorbed so well you won't even see any brush marks.
I had a whole stack of info on the Mozzie website regarding painting hulls. If someone still has access to it and can put the info on this website that would help you greatly.
