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Scott,
I had similar blisters in my gelcoat, though it didn't matter much since all the gelcoat was taken off anyway. Before I ground off all the gel, some of the blisters were visible as they are in your pictures, and others were still loosely covered with flaking gelcoat. Here's the bad news... I found even more during the grinding process that weren't visible at all. I'm not trying to be the bearer of bad news, but those blisters might be more extensive that what you see now. Looks like a fun project though, keep posting!
Jeff