My '76 O'Day 25 had the same problem
I had the same problem with my boat. I bought it in Alaska from a couple that had not had it in the water for six years. We took it out in the bay in Homer, and I untied the CB line. Nothing happened. I asked how you drop it, and the previous owner said "You just did it." I said it didn't work and she said "Yeah, I see that." We bought the boat, and towed it to TX, where I live. After we went several miles, I noticed calicium (or something like it) along the keel rail on the trailer, so it was obvious that some sort of marine growth had clogged it.When I got it to TX, I grabbed my scuba gear, and went under the boat with a machete (at my wife's suggestion). I slid it along the sides of the CB slot, and the water went dark with all the gunk coming out. After 2-3 minutes of that, my wife untied the CB, and it dropped 3-4 inches (had not done that before for me). I then used a crowbar to pull it out. Took just a bit of a touch with the bar, and the CB feel down. We've had it stick one time since, when I ran it arground in the ICW, and got mud clogged in it. The fix for that was about the same.I don't pull it up firmly, just a little snug, and really don't have problems anymore.I'm not positive, but I don't think you can poke a rod down it on a 25 like you can with the '23.