I had a couple of deep scratches and chip on the deck of Truelove and decided to experiment. The proper way to do this is to blend gelcoat to fill it in.
As an experiment I filled the chip with marine bondo, and painted it with latex paint. After sanding, it looks great.
I went to home depot and brought home ~50 paint chips and did my best to match the color. THey sell 4 oz samples for $3.75. First one was too yellow. THe second one was the right shade, but too light. THe third was a great match. So I spent < $12. Both of the chips I repaired was < 1cm2. I would not do this below the waterline, just on deck. If was a large area on deck, I would repair and repaint the entire deck as others have done on this forum.
So the advantages are that the marine bondo is easy to sand and shape, and the acrylic paint is easy to color match.
For the curious, the Behr paint I used for the deck of Truelove was Cappuccino Froth.