+1 on the Perfection paint. Worth the money. Used this on a Sunfish I rehabbed for a buddy. I sprayed it, but if I were to use it again, I would roll and tip.
I have also sprayed gelcoat on a dinghy. Definitely doable and it came out nicely. I thinned it with styrene and used Duratec in the final coat.
If you are concerned with weight, consider VC performance epoxy for the bottom vs. gelcoat. My one tip with this stuff is if you want to smooth out the orange peel on this, get to it before it cures completely. It gets hard as a rock.
I agree with the above comments that spending a little (lot) more fore the materials is a drop in the bucket compared to the time you will put in. The quality and longevity of the job will pay you back.
I'm just a weekend DIYer, so strictly amateur opinions.