I share g2d's concern about checking the wood for warping, twisting, or water damage. This type of deformation would make building a symmetrical boat with fair lines difficult.
If a small test batch of epoxy cures on wood and fiberglass you will probably be OK but the hardeners tend to develop a reddish discoloration with age. This means that the epoxy won't be quite as clear when cured. It probably won't look bad over mahogany plywood but I would test it first.
If the epoxy cures but you don't like the color it won't make a difference if you plan to paint the hull exterior. You could still use the old stuff on the interior and get some fresh epoxy for the deck, or the deck and hull exterior if you plan to bright finish the entire thing.
I build a CLC Patuxent 17.5 but not a Chesapeake.
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