I don't know about how it would work on the fiberglass, but to scuff the paint on my bus I just used my Mouse sander with 80 grit sheets. The 80 grit took off the paint fast and lasted plenty long. The 120 grit we started with (because I had them already) didn't work quite as well. If I were you, I'd use the 80 to take the majority off, then use 120 or finer to eliminate any swirlmarks in the the fiberglass. Then it's up to you how you want to paint. My fenders are just rattlecanned Inter-trash-inal Tractor Blue now. If you don't want to deal with the expense of a sprayer, but don't want to roll or brush the paint on you can find refillable spray cans. Thin the paint out (I can't say exactly what the right mixture for your particualr paint will be), screw the lid on, and pressurize with compressed air. The cans actually work surprisingly well as long as the tip is kept clean and the paint is thinned correctly.