Don't even both just over size drill the broken set screw out. Fill that hole & drill and tap a new one next to it. I see they used bolds. I like to see allen sets. They are easier to glass over and easier to remove. The water drips bother me a little. I would have the hull checked with a moisture meter to see if there is a problem. If you can not get a meter maybe drill a few very small hole into the outer skin to see if water comes out. The holes will be easy to fill with Hull & Deck putty, just bevel the edgesCant find the other thread so starting over.
Did a few hours of grinding today to get over the hump and finally be ready to paint the bilge and start re-assembly process. So far I have removed: the settee and galley cabinets, engine, gear, all tanks and anything with a hose attached to it, shaft & prop, rudder, keel shoe, all seacocks, rudder bearing and had the bottom blasted. She is pretty bare except for the original electrical and steering system that seem to be in good working order (hoping not to have to do this now, knock on wood).
I have been working with Chris from Precision Marine (see the ads around here lately?) on a HUGE list of parts to get me going from GPS to shaft seals to electrical to fiberglass to paint products. He is a wealth of information and I have found that his prices can not be beat. Plus they are close and in another state so the sales tax is also saved...
Anyway, thought I would post a picture of my tube/cutlass because there are a couple things I have never seen or read about on here. Mainly the water drips running down the hull from where I stopped grinding. See them just about a foot and a half up from the back of the keel? I assume that this is just some water trapped in the hull and it will stop after a bit. Bilge is dry and has been for a month plus bottom paint has been off for 2 months. Should I worry or just wait for it to dry?
Also one of the set screws for the cutlass is broken off in the bronze bar that the cutlass set screws are in. I am planning to take the other 3 out, apply some penetrating oil, heat and then try an easy-out which I expect will do nothing so will plan on then drilling and re-tapping a size up if need be. Cutlass will be new so I am not worried about damaging the old one. Any tips would be great. going to put the heat gun on it so I dont burn the FG.