Tom~
Certainly thousands of duckboats have been 'glassed with polyester resin. I'll be refurbishing my Great South Bay Scooter later this spring - it was 'glassed by my Dad in 1954. The glass is still sound - just been painted too many times.
Is your boat plywood? Better chance for success if yes.
Either way, I do not think you can or want to thin the polyester resin. Key is to be sure you use laminating (unwaxed) resin, not the usual stuff you buy (boat supply, auto body) that's intended for the top coat. It has wax in it, which floats to the surface during cure and allows for the resin to harden (polyester only cures in an air-free environment). This is necessary whenever you want or need to sand/grind.
So, I would:
1) Coat entire hull with unwaxed resin.
2) Once it's reasonably hard (it will stay somewhat tacky), roll on a second coat of unwaxed resin.
3) Lay your cloth (6 ounce or 10 ounce) onto the wet resin.
4) Wet out any unsaturated (silvery) spots with unwaxed resin.
5) Once that cures, roll on a final coat of waxed resin.
Again, if you need to grind seams or darts or corners, do so only after after applying waxed resin and letting it cure (heat and/or sunlight helps). The unwaxed (laminating) resin never gets hard enough to grind - you'll just gum up lots of sanding discs.
One other thing: When I have to use polyester, I do it outside. I have heard that, if you can smell it, it's killing you. That may or may not be an overstatement, but I enjoy the "fragrance" only in low doses. It'll linger in a shop for months or years.
Hope this helps,
SJS