Alright - I see what you're trying to do here and I'm getting gunshy. The glaring problem I see is that you're not going to have a good surface to bond the epoxy to where the sealant is potentially squeezing out around the keel bolt backing washers. I think there's a decent chance for water to get around that area, which isn't great. On top of that, it will make this area essentially uninspectable for water intrusion; also not great. You're kind of shooting yourself in the foot by trying to make a fair surface around the keel bolts/washers to drain water, but introducing joints between sealing materials that probably won't perform well over time. This is exactly what
@dLj is saying. I think to do this right, unfortunately, you would need to drop the keel, or at least pry off the backing washers (which I wouldn't mess with to solve a nuisance problem like this), fair out the whole area, and reseal the bolts. Even then I think this project would take a fair bit of forthought and planning since you'd be potentially starting to get into how the keel bolts transfer force into the hull.
Epoxy is generally pretty workable with sanding/grinding tools, especially when it's modified with fillers. But in this case the geometry is so restrictive and you're dealing in such close proximity of the seal with the backing washers, I'm just not sure that it's wise to refair this area.
Consider putting the effort into rerouting condensate drains to shower boxes and maybe fixing that leak you spoke to? Your bilge won't be 100% dry still, but there will be a big improvement in how much water you take on down there over time.
Darn I had this whole response typed out and now I'm seeing what you're proposing and kind of changing my tune. I guess I'll keep what I wrote out below for people that might stop by and just be looking for general info about epoxy:
It sounds like you're pretty adament about filling this area with something. Myself, I would probably leave it alone since there's some prep and finishing work associated with this project and probably wouldn't be worth it to me. But that's me, I'm not in your shoes. It's sounds like you're pretty adament about fairing this area out.
I guess I'm going to be disagreeing with the group here on this one. I don't think there's anything wrong with filling this area with epoxy that's thickened with the right filler. This is done very often on the outside of hulls to fair various surfaces. It's even done to fair keel joints, and to make the seal between hull and keel joints.
Epoxy with filler is a pretty ideal material for something like this. It will stick tenaciously as long as the bonding surface is clean and prepared (sanded to give it tooth), which will keep any chance of cracking around the edge and water getting under the material down . It's unlikely that it will crack since epoxy generally has a higher tensile elongation than polyester resin-based GRP.
I did a little more research on this on the side, and it may be wise to call up West System, or the technical support line of whatever epoxy system you would use, and ask them about what filler to use in this application. A low-density filler that would make this easy to sand would 'probably' be OK, but I would double check since this area is under some stress and probably needs to breath a little bit. I would be very surprised if a naked epoxy ever cracked since its tensile elongation is probably 2x what the tensile elongation of the underlying GRP is, but once you start modifying the epoxy with filler it can make the epoxy more brittle. The key is striking a nice balance between pour consistency and sand-ability after it cures. Epoxy is very flexible in allowing you to come up with the best end material using different fillers and proportions of said fillers.
I have had a lot of great luck with West System's tech support staff. They have usually been very helpful and are very experiened in boat-specific applications.