I have learned a bit more. First, Ed's thoughts concerning fairing materials proved correct. I went to the boat, popped a magnet to the area having the cracking, and the magnet stuck to the hull. I then pulled off some of the cracked material and put the magnet on it. It did not stick. Sure does look metalic, though.
Hunter contacted me and gave me some good information. It turns out that a part of the keel, called an "ear" is present for a short distance laterally from the keel in four locations on the bottom of the boat. The ears help fix the keel to the hull. In my case,water has found its way between a layer of epoxy (fairing) that is applied to cover the keel ears. I expect it is a secondary result of a lightening strike a nember of years ago. If the ears was separated from the epoxy during that event, it was not located and repaired when the many repairs were made. In any event, the iron ear has been slowly corroding for some time. This winter the combined pressure of the iron oxide formation and freezing water finally popped the epoxy layer forming the observed cracks.
I pulled a good deal of the epoxy layer off from the cracked area. The iron ear is heavily rusted, but still appears structurally sound. I intend to remove the epoxy layer far enoung way from the cracks to find sound adhesion between the epoxy and whateveris under it at that point. Then I will feather the edge of the epoxy layer, wire brush the rusted ear, use a rust remover of some sort, put a corrosion preventer and primer on the metal, fill and fair with West System and then do the originall planned bottom job.
If I run into anything that I think others might find useful, I'll pass it on. Thanks to all, especially Ed, for the help.