While Stu is, of course, right in that only destructive testing will tell you the condition of the metal framework inside your rudder, if you are not getting a "lot" of water coming out the hole, and if you are not getting rust stains at the hole, the innards of your rudder may be ok. While it is not scientific in any sense of that term, I would also tap all over the rudder with the plastic end of a screw driver or phenolic hammer to see if you can identify and perhaps isolate any "dead" spots in the rudder. You'll know it when you hear it. Depending on rudder type, if you find dead spots, you can drill a pattern of 3/8" holes (well described in the West System brochures and manuals) and inject liquid epoxy into them. And as for the leak hole itself, that can be repaired with common marine epoxy putty, which can be applied to a wet surface, if need be. IMHO, most all rudders of aging boats have some water in them. Once drained and holes filled, the rudder should be good to go. Good luck with this.