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I went through this drill last summer, i.e. dropping the keel, the rust and bad pully (minus the oysters/muscels). I found that my problem was caused by the "keel banging" fix that places two pieces of angle iron on the bottem inside edge of the fixed portion of the keel. Rust had developed between the angle and the fixed keel expanding it so it acted like a brake. This in turn dammanged the pulley and cable. You might fine bronze pulleys at a good price at Duckworths. Take a look, they are a lot cheaper that what I had to pay.
Bill
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