Either way, it's probably not the same thing as smc with gelcoat applied to it. I'm pretty sure gelcoat in a production environment is usually done by putting the gelcoat in the mold, then putting the hull material into the mold, so you're adhering the hull material to the gelcoat, not quite the same thing as adhering gelcoat to the hull material.
Kind of like how epoxy will stick to poly, but poly won't stick to epoxy.
I think(?)
I really don't understand why anybody would use gelcoat, it's thicker, heavier, more prone to cracking, stains easier than paint and doesn't hold up to UV, and there is the potential issue with adhesion. Maybe I've just never had GOOD gelcoat.