FYI. Keep a pair of leather gloves on board in case you snag something on one of the Otters and you have to hand over hand it back in. Happened to us last week after snagging a stick/branch.
Good advice about Jamestown Distributors. They can tell you what you've got on there now, and how to prep it. It looks as though you're ready for a recoat to me after 8 years.
If you determine you've gone an ablative paint on now, I recommend Pettit Hydrocoat. Jamestown has it and will recommend it as well.
Bought some last year from Troubles and like em. Not for everyday use but if you want to peg your cheater to a certain depth they work great. Use to use a rubber band but these are easier.