Still not getting it
I posted this same response recently to a similar question about refinishing on another site. When I first got my '85 H34, I decided to grind the iron keel down to bare metal. After an hour of that I asked the marina guy to sandblast it. When he declined and I asked him why, he said," because you're stupid! That keel is going to last longer than your boat, longer than you, and no one can see what it looks like once it's in the water". I should also note that when grinding I ran into fairing material, a substance similar to body filler used to smooth the surface. If you remove that you'll have to replace it. Also, once you get to bare metal at one end of the keel the bare metal at the other end of the keel has already begun to corrode from humidity. And, if you can't get to every part of the keel as Steve pointed out, what is the point? My experience was about 5 years ago and since then I knock the loose paint off the keel every spring and paint it with the rest of the bottom. Sometimes, when confronted with a challenging task the best thing to do is have another beer.