Replacing Bungs + Paint - Need advice

[L76]

Starting to prep the boat for upcoming season on Lake Tahoe. Noticed several bungs missing bottom side of my 1948 17' CC Deluxe Runabout. Red bottom side paint could use a refresh too. Need some advice:

Process - I was thinking:
a) inspecting all hull frame/wood/screws and replace what is needed.
b) Insert bungs (with what adhesive? - the boat is exclusively used on dry/high altitude Tahoe).
c) Let them set for 48 hours.
d) Sand down bungs level to bottom side adjacent planks.
e) Mask off top sides and sand bottom sides to prep for paint.
f) Paint it (colors = red and white water line stripe that CC used in 1948) - any advice on red and white paints to use? Looking for a "friendly" paint for Tahoe.

Thx for your thoughts...
Cheers,
L76