Thank you for the detailed response.
I agree, resin stinks, and fiberglass when sanded is nasty stuff...
What is T-2 Tight bond?
The thin tape used did cover very well, it looks very professional.
It did however crack in a number of places, allowing water in the small cracks.
Much like powder coated metal, once water gets behind the finish, because it is so strong you can't see any damage occurring.
The damage is however, ongoing and gets worse and worse over time until the rotted wood can no longer support the cover layer and it cracks and fails.
I like the general idea of covering an entire plywood panel with one sheet of something, but perhaps a thicker material, or multiple layers of a thinner one would help, though the stress cracks I've found were all on corners and around windows so maybe just multiple layers on the corners/stressed areas would do it.
Is the latex primer extra sticky?
Any idea if the latex primer can be used over the oil based top coat, and then another layer of oil placed over the new cloth?
Thanks for the tips and help!

Rob