I'll cast my vote with the two above...lots of work, but well worth it for several practical reasons:
At least some of those fasteners (likely most) are leaking, maybe not a lot of water, but over time thats what will kill boats like that. Also, a full proper paint coating (complete seal-under everything too) will last longer, as the paints almost always fail at those taped-off hardware bits. And, as cited, taping around all that stuff, while quicker than doing it right, takes some time that could go to doing a proper job. So, thats my vote, but of course you're they guy trying to go sailing, so no criticisms from me if you go the quickest route.
Brian