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The best way is the first idea you have. Typically you want to peel the fiberglass back far enough to the de-lamination area and apply a product and then clamp the area for a good amount of time. There is a product I have used called sika flex that will really adhere well if the area is clean. The tricky part is separating the fiberglass to the area that is bulging. Sometimes pulling a window and using a long flat bar to reach the area will work, then I would at least blow out the area so it is dry and apply the sealant. The sika flex comes in a tube so you can clamp some fuel line on the end to extend the length you can apply it. It also helps if you warm this product up, it will flow better. It is also very messy so a box of rubber gloves will help....HERE is what the sika flex looks like and a place you can get it... Also the clamping is very important, make sure you have good pressure on the area and I would let the clamp sit for at least 8 hours or longer.... I hope this helps, IF you have more questions or concerns please feel free to contact me..
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RV Mechanic
10 Years RV experience... Cummins North West, Country Coach, Monaco Coach, Vendor certs.