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Depending on the thinkness and how long its been on...it could be a really nasty job! (and damn hazardous too) If it is really bad, have the yard sandblast it off, the money is well spent.
Re: speed, you will gain a little at the top end with no paint HOWEVER, if you leave it in the water for a couple weeks you will loose it all and more.
If you leave in it...you gotta have paint.
The guys in the yard claim the more $/qrt the better. They are probably right but I like to hear about others experiences.
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