Wax vs paint
Surely a matter of choice, no doubt. If it has already been painted or if you do not like the color then paint is a good idea.
Paint, however, is not a necessity IF you want the original finish (and there are no major repairs to be done). If you do not get in a hurry, don't try to do it overnight, you can develop a shine. Even on the thinest of gel coats.
If it is going to be a chore...something you want to have done right now, then you probably want to consider paint or a layer of new gel coat (can be done by boat repair places). As for me, once I got past the thing of ''I want it perfect right now,'' slowly but surely it began to develop a patina that I don't have the heart to cover up.
Your choice -- but it is a choice and a matter of personal preference. The only way to have that 'brand new' mirror finish is to have a new coat of gel coat applied. However, if you want a nice, clean, easy to maintain, shiney finish, all you need is lots of wax and time and patience.