I'd sand the stuff off down to the wood and then use epoxy. I'd sand it right down to the wood, being careful to sand only a very light layer of the wood. Hand-built watercraft are always worth saving so if the wood looks good, that's what I'd do. I'd start with a fairly coarse paper (60-grit) using a ROS and then switch to finer paper (120-grit) once I got down through the old glass. Then I'd switch to finer paper to smooth the wood and start reglassing. Hope this helps.

Robert N Pruden