Hello Dave
In my experience it is always best to correct errors as soon as you find them. This helps to stop them compounding. Sod's Law means later errors never cancel out but double!
I am having to do quite a bit of fairing up on the Thames Barge Kimberley I am build to the Veronica plan. I was very careful to cute the frames out accurately. The deck line and the chine lines came out clean but there was a nasty hollow in the aft sections where the curves of the section transition into the chines.
Unwanted hollows are bad news for two reasons:
The first is that you cannot sand the hollow out. You have to sand down the high areas all around and very soon you will run out of hull thickness. Slightly high spots are easy to deal with as they can be sanded down. They often occur where the planks are bent around the frames and do not take a fair curve. Clearly there is always a limit to how much material you can remove.
The second is that when painted, hollows (concave) surfaces stand out like a sore thumb from the light reflections whereas slight variations in convexity are hardly likely to be noticeable.
My planking is balsa starting with 2 layers of 1.5mm balsa which gets around the curves very well. Some high spots have been taken off the first layer but the hollows were filled with a lightweight filler. The first layer is probably about 80% fair and the remaining 20% I can get by sanding the second layer. The final external planking is 1mm mahogany.
It is worth taking the time to get the fairing correct. The shipwrights of old would never let anything pass through that was wonky!
You will probably end up doing planking in your sleep.
Tim R