From what I've read soda blasting them, and painting immediately would be the best route, but instead I'm going to re-do them in small sections after scuffing with emory cloth (it doesn't clog like regular sandpaper) and the garnet/aluminum dust should be easy to clean off afterward with a simple alcohol soaked rag.
I've been told to use a FLEXIBLE epoxy paint first to seal them, then paint a couple of coats of this:
http://www.epoxyproducts.com/aluthane.html
over top since it flows well and is easy to work with. The finish will not be shiny - more like galvanized - but I like the idea of having real aluminum flakes in the paint. Once I do my initial sanding I may bypass the epoxy all together as unnecessary? I'm going to paint the entire log and not just below the water line.
The whole idea here is to have a new and durable surface that will be hard for crud to cling to, I may even pick up a couple of knots of top end speed. I realize there is other paint out there available but at insane prices it is simply out of my budget for a boat as old as mine.
Any thoughts from you guys that may have used this or other paints - or any other helpful advice would be appreciated. This will be my first ever attempt at this type of project.
Thanks in advance for your input.

Ron