TOPIC: Old Town canoe

Hi All, I just picked this up recently. I've been wanting one for years and I'm feelin' good. The only real issue is as you can see in the pix the paint is coming separated from the canvas. Any thoughts on how to proceed? I plan on stripping all the old green paint off on the assumption that it will continue to fail. What would be a good paint and how should I prep the canvas?
Thanks in advance
shipster