OK, so I've done some research and here is what I am going to do.
I am going to fix some splits and weaknesses in the wooden frames with Cascamite adhesive and stainless steel screws.
The canvass is too thin and fragile for simple patching so I am going to reskin the bottom below the waterline with sheets of Hypalon. I will then paint the whole undeside with two coats of Toobcoat Hypalon Inflatable Boat paint.
To prepare the surface I will use Toluene solvent cleaner and then apply the Hypalon sheets with Toobcoat 2-part Hypalon adhesive.
The method and supplies are all presented at
www.ribstore.co.uk and there is a wealth of videos on Youtube about repairing rigid inflatables and inflatable rafts, which is equally relevant to this project.
I hope this helps. I'll post my results when complete.