In case anyone ever does this project here is what I found
1 - remove old stripe using a hair dryer. Mine had 3 stripes and the 6 feet I was repairing came right off
2 - used acetone to clean and remove old glue and wax
3 - start to peel off the backing and apply the stripe overlapping the remaining old strip by about an inch. Slowly apply the new stripes peeling the backing as you go
4 - use a credit card or thin piece of plastic to rub the new stripes securely onto the hull. This will also remove any bubbles
5 - this is the tricky step. The 3 stripes have are very thin clear top skin that has to be removed. It is there to keep the stripes evenly spaced during application. If you attempt to remove this from either end the stripe or stripes will probably end up lifting off. My solution actually came about by accident. When I was rubbing the stripes with a credit card the plastic film covering the stripes started to chafe - this was about 1/2 way through the stripes I was able to grab a small piece of the film and then slowly pull it toward one end at a right angle. Repeat the process pulling from the center to the other end and you end up with a perfect new 3 stripes securely applied to the hull
I wish I could say I got this on the first try. If you chose not to remove the outer film you will find that after a few weeks it will begin to yellow
