Came across this article in another forum and it really explains blistering in simple terms. So I thought I might share it here!
http://www.sealakeyachts.com/service/blisters.html (http://www.sealakeyachts.com/service/blisters.html)
I think I would have to agree with this article
I have herd of boats being lost due to rigging, steering, and motor failures, but never because of blisters
I think you could replace all of the above for less than a peel job and be a lot safer.