the way I repaired mine was easy and it is still holding, and waterproof....
first, take a piece of cardboard and lay inside the hull and fit it to make a template of where the original hole is suppose to be.
then remove the keel and cut a hard block (oak) so it fits the trunk where the lockdown bolt is, snug..... this will make a mould/backer to epoxy against...
then use a die grinder to clean up the damage AND about a half inch area around the damage (for this procedure, it does NOT have to be perfectly clean and cut back to virgin fiberglass, but just reasonably free of all loose fibers)
cover the end of the block with a plastic ziploc bag (as a form release so the epoxy wont stick to it), and insert the block in the trunk.
I used a good quality, high strength, slow cure (30min) epoxy putty, and used a 3/8" to firmly press it into place because the putty is fairly stiff.... making sure to get it formed perfectly tight around the edges of the damage... then over fill the entire area and leave it a bit high and over lapping the edges of the hole....
cut a small piece of plastic to use as a form release, with a piece of plywood scrap to press over the repair, and level it out so the rubber washer has a smooth surface to seal against when you replace the lock bolt
do the other side the same.... and let it cure overnight.
pull the backer block and redrill the holes......
this is as strong as it ever needs to be, it is waterproof, and is the easiest method to make a repair.
using a couple layers of cloth does nothing for a surface repair, and in the hole it is only a filler... so whats the point of going thru all that messy trouble.
the epoxy putty is not messy, it fills well and is strong, and when yo uoverlap the edges, it will creat a great a bond and will not allow the "plug" you just made, to be pulled thru the hole when snugging up the lock bolt against the rubber washers.
you do NOT want to build the lock bolt area so strong that when you ground the keel again, instead of damaging the lock bolt, it takes out pivot bolt hole.... OR, bend the lock bolt so bad that you have to cut the repaired area away to get the bent bolt out.
the weaker 3/8" bolt, and the "weakness" of the trunk is there by design, otherwise the resulting damage could be much worse after a severe grounding.