To answer the actual question I’d start with a less aggressive grit, maybe 150 or 220. I think the sanding hazard with any grit will be cutting into the vinyl skin. If any of the globby adhesive remains a paint job over top will look like hell, and same if the vinyl skin is torn and tattered.
As to what kind of sander, if that is construction adhesive my experience was that a belt sander worked best, my RO and pad sanders did very little.
I don’t know how far down below the gunwales the adhesive crud from the old (I presume) sponsons reaches. If the previous owner made DIY sponsons from something like a split pool noodle the power sanders in my shop are all too wide (3” to 5”). If you do worth-a-try use a power sander I’d run a couple layers of duct tape as a semi-protective barrier just below the adhesive smutch, and another protective layer along the vinyl outwale.
The adhesive residue from the duct tape will come off with alcohol or mineral spirits. Like Pblanc mentioned I would stay away from using acetone or MEK, especially if the vinyl skin is torn or sanded through; harsh solvents will dissolve the ABS underlayers.
Applying too much heat to soften the adhesive crud and scrape it off can easily damage the vinyl skin. I tore some vinyl skin off a canoe using a heat gun and putty knife trying to remove a decal.
I don’t mean to be pessimistic, but even sanded as cautiously as possible, without tearing up the vinyl Royalex skin, I think some adhesive will still be ugly apparent, and painting over the remaining crud will turn out less than attractive.
I’m back to thinking sand as much of the crud off as possible without cutting into the vinyl skin and run a cover strip of something thin under outwales to hide the ugly.
A stripe made of 2” wide black Gorilla tape would be easy and inexpensive, and easy to replace/recover if eventually necessary. Black Gorilla tape would tie in nicely with the black gunwales, and be more scrape and scratch resistant than a layer of paint.
Canoe Tripper’s, other ideas for some other narrow cover stripe?