Ok no probs.
When you say racing scull I take it you mean the Olympic, narrow as hell, difficult to balance type rather than one of the big hefty sea going sculls. That was where I was going with the osmotic thing - unlikely a racing scull would be that unlucky - spend most of their time in the boatshed.
First thing to check before painting is the hull construction. I remember some of the older Aylings boats were a sandwich construction - thin shells of FRP with a nomex core. Check that none of those blisters are the result of damage alllowing water to penetrate. The Januseks and Empachers were straight composite.
Roller & tipping is basically this. Two guys, one with roller one with nice wide brush. Roller guy quickly spreads a nice even coat over an area - thats his job just to spread an even coat. Brush guy then comes through straight behind with his high quality wide brush and 'lays it off' - just brushes through and allows the paint to flow out to a finish. This method requires a little practice and lots of speed - decent coordination between the two. The key is for brush guy to be right behind roller guy so the paint never gets chance to tack and hold a brush mark.
If you use a good quality two pack polyurethane do be sure to follow the instructions carefully especially when it comes to temperature.
Good luck, let us know how it comes out.