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I had the same problem with my Neptune 16 centerboard. I have the locking bolt, but mine leaked a lot and then rusted solid. Once it rusted, the leaking stopped so I never "unfroze" it.
I solved the thudding by adding two 1/4" polycarbonate panels, one on either side of the keel at the pivot bolt. You can actually do this with the boat on the trailer. Remove the pivot bolt access cover in the cockpit, remove the pivot bolt, slide the two panels into place, drill out the panels to match the hole in the keel, then put the pivot bolt back in. I HIGHLY recommend that you replace the pivot bolt when you do this. I've replaced mine three times since I first owned it - I'd suggest every 5 years or so.
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