I bought this boat on a whim - sounds familiar. It seemed sound and still sounds good, but did it ever leak when I finally got it in the water the other day. The old fat fifty really tore out after starting on first try. Trouble was noticed quickly as water started to flow in faster than the bilge pump could keep up. Back to the launch and out of the water.
I have now pulled the floor boards and the keel feels sound as do the ribs and bilge panels adjacent to the keel. I poured in water and watched it come out around the "false" keel. (I assume this is just bolted through). It was previously caulked and that is coming away.
I am considering drying it out good and recaulking with some high quality stuff, but I also am considering removing this keel strip and putting another on. The boat needs a new varnish on top (painted below) and before I spend that time, I want to have it float. Any and all suggestions welcome.