What has 2 thumbs and is enormously relieved? This guy.
Following
@Ralph Johnstone and others' advice, I started with the nut using a socket wrench and a 15-in flex handle. With less leverage than I expected to need from my feet against a bulkhead, the studs came out with no fuss. Overnight penetrating oil and heat ftw.
Lucky me, the nuts had enough thread to keep the keel on, and enough corrosion to overcome the friction of removing the stud.
The photos show that the corrosion was entirely where it didn't affect the integrity of the keel-hull fastening. The threads on the 2 posts that went through the hull and into the keel are pristine. There's some kind of white sealant that covers what looks like red thread loc-like material. Even the washers are fine underneath. The hull's fibreglass around the stud holes is hard and makes a satisfying thunk when tapped with a mallet.
Lucky, lucky, lucky me.
Lucky me, I guess. Yeah, 40 years is way too long but it's evidently a good setup that worked perfectly. I'm expecting the rest of the studs are in similar shape, if not better.
But I'm definitely replacing the whole kit: nuts, washers, studs, and sealant. And I'll be inspecting and re-tightening every couple of years from now on. I'll post comments and photos when that happens.
It's 10:00 am and I need a drink.
Oh, and thanks for the advice!