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I've been out there taking off the paint today with my angle grinder and that 3M striping disk. I was only trying to get rid of the paint figuring I would come back and deal with the pink junk later. When I was done I broke out my pressure washer to clean up a bit. I was washing away the dust and accidentally got closer than usual (maybe 1/2 an inch) and noticed something weird. The horrible pink layer started "pitting" is the only way I can describe it. It feels like a golf ball. Do you think that if I just pressure wash the bottom after removing the paint then just sand a bit I would be safe to start coating it with epoxy?
Here are a few pictures of the same area from a previous picture after I washed it.

A bit cloder

Down to the glass if you want to have no doubts.
Then epoxy. Then epoxy pigmented primer. Then bottom paint.
At some point your boat sat a long time in the water. The gelcoat or coating that is dimpling suffered a mild osmosis issue. You seem like your making good progress. You also seem like a person whose not looking for a quick fix.
I like the interprotect system by interlux paints. But west system will work as well. Probably take two gallons to complete the project. If you are this determined, the boats in good hands.
Ix

well thank you. and your right, i'm not looking to just slap it together. My concern is that I have never done anything like this before. I guess I just worry that I will take off too much and cause a larger issue.

Looks like you're getting down to the resin/glass layer. I would increase the grit (finer) at this point and try to avoid trenching the resin/glass layer. Giving a little tooth for the new finish to stick to can be done without rutting it up so that you have sand marks showing through your finish. The photos look like you've figured that out already. Other than sanding too aggressively or inhaling that toxic crap, you can't really screw it up. Look at the photos of your starting point. Already looks way better! Slow and steady. Quit when you get tired. Keep fresh paper on your sander. Wear ppe. The guys that do it every day are no smarter than you are.