OK, so I have spent 3 months reading (and reading and reading more) and researching this.
Each person, place and source have their own opinions regarding this.
One thing, that I have seen more often than not is to replace with in-kind size. Meaning, if it had 3/8, to replace with 3/8.
By doing this in today's world, with the available supplies and proper knowledge about encapsulation, it will actually be better than before in most cases. My example is the cockpit flooring in my 1989 Champion. Upon removing the floor, I learned a couple things. In 1988, wait he said just said 1989, that is correct. My boat is a built in 1988, model year 1989 boat. Anyway, first, they used AC plywood for my cockpit floor plywood and second, it is NOT glassed on the bottom. It is just resined. So, if I used the same size and applied resin and 2 layers of FG on top and bottom it would already be better than the resined bottom FG top.
Additionally, in the case of my Champion, when originally built it was glued down to the stringer tops and nailed, yes, I said nailed, down.
I welcome alternative thoughts and discussion.