You'd mix the resin according to the instructions, then it thickens the longer it's in the pot. Usually you get about 10 - 15 minutes of working time, in which time you apply the resin to the fibreglass matting.
It really depends on the cracks of how much matting you would need, i'd say at least 3 - 4 layers covering more than the cracked area. It's not the easiest stuff to sand back either, you'd do best with a sanding disc on a grinder, or maybe an orbital sander with fairly course grit sandpaper. To get it up to scratch to paint would take a fair bit of work, probably some body filler to smooth out and fill minor imperfections too. It's hard to get fibreglass to look as good as metal!
Preping it you would want to cut back some of the cracked area, rough up anything that fibreglass will be coming into contact with - remove paint etc, then clean free of dust and grit before actually applying the stuff.