painting hull

[Yz2009]

As you can see the bottom paint goes up near the bow. I would like the red to come down to the waterline and the black bottom paint be right at the waterline.

Would there be a way to do this myself. The boat was originally red but I'm pretty sure it's been repainted with exterior paint (you can see layers and it gets flakey in spots. I was hoping to do something like sand down the black near the bow and possibly all of the red and possibly re paint the boat. I don't mind how it looks now. I don't need a perfectly shiny new looking hull so I don't know if I can just re paint it or if it would require new gel coat

Sorry this is the best picture I have I'm not where the boat is located. Is this the type of project I would be able to undertake by myself or am I would of my league.