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I have a lot of experience in my '74 S21. I sail inland lakes in Minnesota. My 34 yr old boat has no rust at the keel bolts... they have a coating of white paint. If the rust is mostly surface rust, then wire brush and paint is a simple fix. If they are so rusted that it looks like the bolt/nut are significantly eaten away, then replacement is in order. I have the original keel cable. I took the rubber hose off at the base for a look-see last year. Its hard to see very well, as the pulley is still down the hole... and you can't see the cable termination at the keel anyway. But I declared the orig cable/pulley was still good. The floor area (some people use the word "sole") aft of the keel trunk on my '74 is a false floor... it is not just the inside of the hull. Softness indicates wood rot, but this area might be easily removed and rebuilt. That is if you believe any fiberglass jobs can be "easy". Actually some fiberglass jobs are pretty easy, but they are "messy"... use throw-away tools. You do not need a traveler for casual sailing. And 4 hp will do just fine. Its a good boat... fun to sail... good performance for its size... hull and rigging are durable. (but check the wooden anchoring supports inside the cabin where the shrounds attach at the deck... be sure they are not rotting)
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