Just needs a compounding and polishing. It is pretty bad so maybe wetsand first. I did like Chance with the 3m running compound and 3m Finesse It II polish and finished off with 3m Ultra Performance past wax. I used a Makita 9227c polisher, which is very pleasant to use and worth every penny.
Mine was nowhere near that bad, but particularly oxidized on the transom and had some light scratched from docks and such. All the oxidation came out great and most of the scratches did too, though a couple that were deeper are still there though not nearly as noticeable. Get a polisher and some supplies and try first on a smaller area that particularly faded, maybe a couple square feet on the transom. See how it comes out and if it's taking too much reapplications of compound (expect 3-5 reapplications on that pad for each area that's badly oxidized) then you might have to wetsand it first to save time compounding.
I would say whatever you do don't wrap it. Wrap is cheesy and ghetto in my opinion. Your boat has good gel that should come back to a real nice color with a bit of work. Worst case you might have to take the stickers/decals off and replace those, depends on how decent they are and how careful you are. I think it'd look good naked with just the Mastercraft near the back and on the transom. Or throw on whatever decals suit your tastes, either way would look good.