How do I re-seal the bottom

[fc170]

I recently acquired a Thompson TVT and have started the restoration project. The boat seems to be very structurally sound with the exception of 2 cracked ribs. We have started striping the loose canvas off the bottom and have a few planks to replace but nothing to serious.
I am looking for recommendations on how to treat the bottom after all the old canvas has been removed? I am debating whether I should re-apply a canvas bottom or just seal it with CEPS and 2500. I have heard to many horror stories about fiberglass so I think want to stay away from using it.

Any suggestions would be helpful.
Greg