Hi Chuck.
Does the halyard come out the mast?
Well yes (maybe on your mast), if you have a Sheave at the top of the mast and an "exit box" down near the bas of the mast.
Here is an image of a Mast head with sheaves that provide a space for the halyard to run down in side the mast.
You would need a way to get the halyard out of the mast. This is where the "Exit Box" come into play
This on is usually above the deck about 4-6 feet and has a cleat beneath it. The line comes out of the mast.
If you do nto thave this gear then there will be a pulley at the mast top, and on the halyard will run down the outside of your mast.
Since this is an old boat no way to guess what the previous owners may have set up and given you.