This one is has the rudder post extended up and is secured to deck framing with a pillow block bearing. I noticed the skeg is hollow so the whole cavity is flooded. Were they all set up that way? It is early 80's and hull seems quite good. How abour downsea?
Repco wasn't hollow, they always used an oak bolt on skeg, I know I fixed at least a hundred of them, and when they loosen up they would rip the rudder port out I know quite a few that have gone down because of it.