OK, I have come to this thread a bit late, sorry. You are going about this all wrong, with mostly bad advice so far. That post about the Boat US article is useless advice, too. I have never seen a video on Youtube that shows the proper way to fix your type of repair.
First, a bit about gel coat. If you buy your materials from Gelcote, Intl, make sure to specify that it includes wax additive. If you buy the quarts, as I do, it comes standard with wax. The reason you use this is so you don't have to mess with PVA post application, or mess with mylar surface film to allow it to cure properly. The wax additive takes care of this for you.
Your prep is just fine, but you need to do build it up in stages. You need to buy some Cabosil, which Gelcote and other suppliers sell, which is a silicate thickener for the gel. You mix the Cabosil with the gel coat to make a paste, get it to the thickness of Bondo. You then apply the paste to the ground out cracks, making it level with the surface, and not above the surface. Once it sets, remove the wax with wax and silicone remover (buy at body shop supply house) and a red scuffy pad to promote adhesion for the next level. Mix another batch of paste, and apply it to match the contour of the base. Repeat cleaning step. Once you get it worked to the proper level and contour with paste, then you move over to the finish coat, with no Cabosil. It is best to spray the finish coat, with a bit of styrene thinner, but if you dont have the right sprayer outfit, then just hand float a layer or two of gel over the repaired spot.
If you follow this advice, you have a quick repair with very little sanding required.