So the next step was to fill in the slightly (1/4" or so) depressed area under the mast step. I was concerned that the core might be waterlogged or deteriorated, so drilled a number of test holes to check this. In all cases, the shavings came out clean and dry and looking like fresh wood (sort of pink, not brown or black.) Interestingly, I found no sign of an aluminum plate like some had reported; just plywood. (I drilled all the way through the headliner to make sure - no aluminum.) Anyway, it seemed to me that the core was sound basically and not in need of replacement.
I decided to use the drill and fill technique to reinforce the core, then build up the depressed area so it was flush with the old level. I drilled holes in the depressed area, laid out on 1" centers as someone else suggested, using a piece of peg board. Next, I injected West epoxy with a syringe. Most of the holes just took the amount of epoxy to fill the hole, but some took whole syringe fulls. After the epoxy soaked in and hardened, I came back and "topped off" all the holes. Based on stomping and tapping with a hammer, I feel the result is a really strong structure. Next I hired a fellow to build the surface back up using glass mat, roving, and cloth. He finished the area with gelcoat. The final result seems really, really strong. I doubt there will be any compression issues for many years to come.