I have done both. It is conceivable that stripping from sheer to keel may preserve the designed shape of the boat more faithfully, but in the end I think I prefer the look of the hull stripped down from the sheer to the chine and then out from the keel. There is not much difference in the amount of work required.

The actual design of the boat may also dictate to some degree what would work with the most finesse.

For the next one I will define the football with a thin accent strip at the transition point.

Et