If you're going to add glass and weight, you should do so in a way that adds strength, rather than just adding breakaway and wearaway properties. Charlie's method will result in a low, smooth keel strip that has minimal effect on drag.
Of course, Kevlar, for all its wondrous properties and mysterious reputation, is almost always a rotten cloth to add to the outside of a hull. It has less compression strength than S-glass or even E-glass, and it fuzzes badly when it wears.
I have used outside Kevlar patches over breaks in the chines, which occur when a boat thumps down on a ledge so that the center of the hull is pushed upward. In that situation, Kevlar outside makes a similar break less likely.
URCHIN Portable Anchor
Full Size Sail Rig
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