So once I took a sander to it, I found that the damage looked a lot worse than it actually was. Barely had to get into the fiber glass before everything was clean. NOTHING was soft or wet.
I did take out my plug and re-silicone the inside of it and put in new screws. It was leaking around the plug and the wood was getting wet. Hopefully this fits more snug, and the silicone on the inside keeps the water out.
Another picture showing the size prior to starting:

I sanded this down with coarse grain sand paper and wore a mask/glasses.
Then I mixed up about 50ml of resin with some catalyst.
Here it is generously applied:

I let that harden over night and sanded it down this morning with 100 grit sand paper.
I just applied my first coat of white gel coat.
I know it won't match the color, but i don't care. No one sees this area and I'm not into looks anyways.
