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I wouldn't worry about it too much. The only option it sounds like you have is to sand or grind, but why when the new rub rail will go right over it? I had a few places that were not perfect under my rub rail, although it was not attached with adhesive. I definitely had a few places where I had to decide it was about as good as it was going to get and say enough is enough.
I would try to sand it off with a belt sander and a 120 grit belt. You want the new rub rail to sit tight with the hull, not held off by dried glue. Shouldn't`t be to much of a problem to remove the glue. I Would fill all the old holes too, with MarineTex.
I would try a much more delicate approach but sanding is probably your only choice. The glue has crystallized and probably will not be able to be softened. I would try a lighter grit sand paper maybe 320 and sand by hand until I got a fill off how tough it was going to be then maybe switching to a rougher grit. You may even try a chisel or knife and try scratching the glue off but be careful and don't cause too many gouges.
1963 13' Sport 50hp Evinrude
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