5200
I liked the idea of drilling and filling with epoxy too, but epoxy is too brittle and has no strength against shock loads or tensile. One whack and your 'epoxy keelbolt' is done. One solution is to actually drill a new keelbolt hole, right down into the lead (be very careful to go straight!) and insert a new bolt with 5200, which will bond nicely to the lead all the way down the hole you drilled, at 700 lbs/sq.in. Fit a large backing plate or washer and seal it all up from the inside with 5200.I don't know of a GOOD fix you can effect with the boat still leaking and IN the water. There are some things at West Marine that are very temporary but do seal underwater or in less-than-ideal conditions.The correct fix, and one of the easiest with the boat OUT of the water, is what I am doing to poor little Diana with her rotted substrata where the keel fastens onto the hull.Block up the boat. Stand it on the keel but support the hull outside bulkhead points too. If the 'glass is rotten you will need to drill a few pilot holes into the substrata and fill with epoxy using a syringe, the same was I say to do for rotted deck core. This takes up the space vacated by the disintegrated 'glass. When this is done, back off all the nuts and washers (gently) and cut out a piece of 3/8" G-10 (or straight fiberglass sheet) to lower onto at least two or three bolts on each side. Mine are about 1-3/8" by three keelbolt spaces, one each side with a space between them for bilgewater to get past. Fitted along the corner of the bilge, these bond to both the bottom and the side of the hull and lend stiffness and a backing surface for the keelbolt nuts. Then smother everything with 5200, bolt the new locknuts and new washers down over the plates you made, and be sure to wait 3 days before torquing the living crud out of it. Given good clean-up and adhesion before applying the 5200, it should last about 25 years. (Can't say that about polysulphides like Life Caulk... and definitely can't say anything like that about silicone.... ick.)