TY guys for all the input...
I just completed my discussion with the manager at the body shop that painted this hood 7 years ago.
Whatever is happening under the paint (I'm concluding internal rusting), the hood will be taken down to bare metal. If the metal's condition is suitable for repainting, we'll proceed accordingly. If not, I'll be looking for a used hood.
I found some informative links with presentations by Freddie Hernandez in the Paint & Body forum. Here are those links:
1.
http://forums.pelicanparts.com/porsche-911-technical-forum/261718-paint-stripping-101-a.html
2.
http://forums.pelicanparts.com/porsche-911-technical-forum/262049-metal-conditioning-epoxy-priming-101-a.html
3.
http://forums.pelicanparts.com/porsche-911-technical-forum/262812-bondo-work-primer-application-101-a.html
4.
http://forums.pelicanparts.com/porsche-911-technical-forum/360518-final-sanding-painting-101-a.html