Hi Nikki,
Welcome to the MB Forum, which I'm sure you'll find useful as there are a lot of very experienced model boaters on here who enjoy passing on their many years of experience.
I agree with what Dave M says about paint strippers, I wouldn't use them. Most models needing a brightening up will benefit from a good rub down all over, no matter what the original paint medium was. This may not find where the leaks are coming from, unless you are lucky. Wet and dry used wet will cut back several coats of old paint but I wouldn't expect to remove all vestiges of previous colour, just get a good smooth matt finish all over.
We don't know exactly what actual model it is, you say wood, is that plywood skins or balsa? I think Glynn Guest did a couple of plan/features for this type of hull a few years ago, certainly a Vosper 72 foot Torpedo Boat and I think a Higgins, they were 28 inches long and were skinned in balsa. Most kits tended to be plywood I think.
While doing this clean-up, follow Ashleys recommendation and give the inside a coat of a 2 part resin like Zap Z-Poxy, or even Glassfibre resin from a car spares shop, which is a bit cheaper but harder to rub down.
Deluxe Materials Eze-Kote is also good and as its an Acrylic single part system it will cover most things and maybe repair any small leaks as well.
If it was me I would use some lightweight glass cloth or nylon tights and skin the outside with the Eze-Kote as well after its rubbed down, once again this product should bond well to previous coats, whether Enamel, Cellulose or Acrylic. Its fast drying and washes out in water. This is not just to strengthen the hull, they don't usually need to have this done, but will stabilise the previous coats and give you a good base for subsequent painting.
Final rubbing down with wet and dry before normal Primer, undercoat and topcoats sprays and a lot of us use the very reliable Halfords range of spray cans, buy all the finishing products from the same system as they are all matched to work together.
Other than splits in hull skins or holes which need patching or filling, most infuriating small leaks come from the rudder post or sealing around the prop shaft entry into the hull, these often only show up after the model has been run in water. (Under Load) A simple and useful test is to wrap or place any one of the small feminine products around the rudder post etc and hold it in place with an elastic band. These will absorb any moisture and once removed can tell you exactly where the leak is. Then you apply extra sealant or epoxy or remove the unit and refit it properly.
Hope all this helps you.
Cheers…………Happy boating………….RON R.
Edited By Byron Rees…(Ron) on 27/07/2018 11:39:26