I did some research on the internet and figured out the basics of fiberglass repair on boats. What I did not find out is what to do when you don't have access to both sides of the side needing repair. You are supposed to fiberglass both sides of the hole. So what I did was first clear out all the weak and cracked fiberglass around the hole and then sanded out the old gel coat. I then put blue painter's tape around the hole to protect the "decent" finish around the hole.
In order for the fiberglass have something to stick to, rather than just fall into the hole, I cut out a piece of cardboard a little bigger than the hole, put gorilla glue around the edges and reached through the access port and held the cardboard against the deck until it stuck. For the hole on the side and bottom of the hull, I could not access the hole from the inside. So I again cut a piece of cardboard a little bigger than the hole, put gorilla glue around the edges, took two strings (the core strands from an old dynamic climbing rope in this case) and used them to pull the cardboard against the hull. The picture makes it pretty clear. I put a knot at the end of the string so it wouldn't pull through the cardboard.
The next steps were cutting the fiberglass, mixing the resin and them applying the resin to the fiberglass. The resin sets up quickly so you have to move fast. I should have had more fiberglass cut and ready to layer on to the hole in the deck as it really isn't flush with the deck. The smaller hole on the bottom came out much better.
The final step was to add the gel coat, which sets up even faster than the resin, came out fairly well. Technically, I was supposed to match the color of the gel coat to the color of the boat. I did not do that. It could also use another layer of gel coat. However, as this is my first fiberglass repair, to a boat I essentially got for free and it is not a great boat to begin with, I am pretty pleased. The way I figure it, there are fiberglass repairs to a your 20 foot Chris Craft or your Hunter 240 and then there are fiberglass repairs to old Phantoms. As long as it doesn't leak, I am happy.