I did this this past winter on my isomat boom to remove several years of birds nests and to replace the out haul line - all part of why we got a good deal on the boat. I have to do it again because a crew member who won't be named, but looks a lot like my eldest son, failed to tie a stopper knot in a reef line and it pulled through and out of the internal shuttle.
On the 37.5, the rivets are 1/4". I removed them using the following steps:
Drive out the mandrel with a nail set. It is important to get this out.
Drill off the rivet head with a 3/8" bit.
Drill half way through the rivet with a 3/16" or 7/32" bit. Don't drill all the way through.
Drive the rivet out with a 3/16" steel rod - the hardware store has them.
This took 5 minutes per rivet. Once the rivets were out, the ends came off easily. Half a trash can of birds nest came out less easily.
To install:
Buy a semi-serious rivet gun. For $20 you could get
http://t.harborfreight.com/heavy-du...and-riveter-with-collection-bottle-66422.html
Buy 1/4" ss rivets (assuming that is your size) long enough to work, e.g.
http://www.mcmaster.com/#97525a556/=12x65a8
Buy galvanic isolation goop. E.g.
http://www.westmarine.com/buy/tef-gel--corrosion-eliminator-and-anti-sieze-lubricant--P012222212
Double check all your lines are correct.
Use the goop on each rivet, and rivet the ends on.
Make sure the spent mandrel comes out of the riveter grips before moving to the next one.
This took about a minute per rivet.
Best of luck,
Paul