i have used meguiars 49 and 44. i have a dark blue gel with some discoloration, It works with multiple applications, and requires some sort of buffer to get it looking really good. You can apply by hand, and polish off with a buffer so you wont burn the gel coat. then i apply wax, and polish. Looks good but not perfect when done.
The wet sand absolutely works the best, however be careful, i have had a fiberglass repair guy do it on my last boat , and was basically brand new when it was done. Good Luck.
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