You know I was quite astonished at the results. I had no idea it was going to come out looking as nice as it did. Anyways, what the heck go for it, I'm convinced that the price I paid for the paint was worth every penny. Remember that the prep work is what will make or break the final paint job.
As for your rub rail, I'm not to surprised. The rubrail on this boat has taken a little bit of a beating too, but not so much that it needs replacement just yet. The best place I have found that has every part your boat needs (assuming it's an O'Day/Pearson) is D&R Marine. They are located down in MA. Quick check of thier web site shows that they do stock the rubrail. It looks like the price is $1.45 per foot.
http://www.drmarine.com
Good luck with your project and do post some pictures when you're done!