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In his book Frugal Yachting, Larry Brown reports using a lightweight daggerboard (plywood, I think) in his Potter 19. The P19 manufacturer didn't approve, but Brown was satisfied with the mod.
Larry Brown is now affiliated with Small Craft Advisor magazine, so you could write him for more information and his current thinking on the subject.
With the wooden or fiberglass board down, I would expect the boat to be a little less stable, but that might not be evident until the boat was at an extreme heel. With the board up, stability would be improved, compared to the board-up high center of gravity with the iron board. Raising the board and maintaining the tackle should be a lot easier with a lighter board.
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