Bed-it butyl is available right here on SBO and is an excellent product for bedding projects like this.
Bed-It Bed-It Tape
shop.sailboatowners.com
To me, the cracking looks like the result of water intrusion (rotted core) and the stresses of multiple freeze/thaw cycles. If so, the core is probably a rotten and soggy mess - providing dubious support for the mast. I recently had a similar situation - albeit larger, requiring a more intensive repair. (I rebuilt a bridge deck which supports my traveler and I am glad that I did! The core was saturated and had gone through countless freeze/thaw cycles, requiring major re-copnstructive surgery). Luckily for the OP, an area this limited *might* not involve as much work.. Here is my $0.02....
Assuming that the interior support (mast compression post/bulkhead) is structurally sound and the repair is limited to the deck alone, start by probing the holes with a bent coat hanger or some other stiff wire and see what comes up.
To remove and repair the rotted core: Drill a grid of holes (only through the top layer of the deck). Dig out the rot and dry the resulting cavity as much as possible. Holes 3/8 -1/2 dia. will be a good staring point. Use brad-point drills and start each hole with the drill in reverse to minimize gel coat cracking.
Once the area is dried out, inject thickened epoxy carefully to avoid leaving any voids (syringes are useful for this). For the the surface cracks, you can use a dremel tool to open them a bit, fill and fair them with thickened epoxy: cure and sand. For UV protect you can finish it off with a boat deck paint. Drill and countersink the new bolt holes and re-bed the mast step with Bed-it. A pretty easy repair and it will get you up to speed when it's time to rebed other hardware.
Do your homework, use high quality (marine grade) materials and follow manufacture's instructions. There are also informative and related threads here on SBO as well as many offerings at the University of You Tube.
Good luck and take pics!