There may be some fading, but you should be able to buff or wet sand it back to it's original shimmer. The boat looks like it's in pretty good shape so I'd imagine it shouldn't be too difficult to buff it out.
Ok, to follow up, I said screw it and removed the hull decals, and the grey pin stripe separating the black and red. It looks SO good. After one pass of Super Duty 3M Rubbing Compound, you can barely see where the old decals were.