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Yes, that's one reason for the pins -- to keep from losing the LK if your boat turtled. But I think another reason is to restrict the amount you can lift the LK while sailing in order to keep weight down low enough to maintain a sufficient righting arm or moment. The higher up the LK comes, the easier to capsize the boat will be.
I think the pins were identical to the heavy duty gudgeon pins that Schaefer sells/sold. However, in my current West Marine master catalog, the G. pins listed (SCHAE#81-49) are only 3 1/2" long whereas the OEM 6.9 pins were much longer. The head of the OEM pins were shaped like a nail's head. It would be somewhat like welding a nickle or quarter to the top of a 1/2" rod. Schaefer may have some longer ones you could get through them (or special order through WM).
BUT, at that listed WM $23.50 price for a single one -- if it was me, I'd sure use a couple 1/2" ss bolts!! (Or even non-ss bolts.) The important thing is to have bolts and use them.
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