Thank you all for your advice. Here's what I've decided to do. First, get rid of the 80 grit sandpaper. But gee, it sure does take off the epoxy! Second, stick around next time and proactively clean up the drips so that I don't have to hassle them when they've dried. I was in a hurry the other night, and had forgotten what a pain they can be. Third, I think I might try using a piece of extra plywood and sand it down to a patch -- it's worth a try, and I don't feel confident that I could come up with a shaving from a plane that would do the job (besides, I flunked wood shop and don't have a block plane). Finally, if thinks don't look good, I'll put the graphite paint on the bottom as a sacrifice layer and as a cover up. Kelly at Pygmy suggested that as well, and I've seen some of their boats that look quite nice with a racing sripe down the keel.

You folks are helping me put this boat together with considerably less pain than I had anticipated.

Jim