You Will Eventaully Want to Replace it, but....
The shoal draft keel/centreboard model was a reasonable compromise between, a fin keel and a shallow draft boat. It gives you the best of both, and I suppose the worst. You can sail OK without the CB down, for every point of sail but close hauled. On this point you will notice side slip and will require more manouvering (tacking) as you work to weather. If your prepared for the job, you will have to jack the boat about 2-3' to drop the CB, find and remove the round plates covering the delrin rod that the CB swivels on. These are located either side of the top of the stump keel, covered over with bottom paint and or epoxy putty (depends). Pull the rod wedges and rod, drop the board, it weighs about 40lbs., replace the board and reassemble. Replace the pennent and clip while your at it. Now the bigger problem is "replace with what"? I would check with Rudy Nickerson at D&R Marine (see phone #in previous posts) for a replacement or a suggestion. You may have to build your own. Another owner with similar dilemma has had a metal fabrication shop build one. He brought the problem to the sailnet O'Day list server. If you are a member or want to join, you could post your problem their and ask for his solution. I feel for ya, its not an easy problem. Good luck.Don