Looks like a cocktail when it comes with various coatings the boat has received in past years. The keel joint itself doesn't look suspect. The cast iron is attached to fiberglass and so there might be minute movement, but doesn't look like it is coming apart. Any grooves can be ground out, cleaned, painted with an epoxy primer, filled with an epoxy fairing compound, sanded smooth and repainted with more primer. The rest of the keel should be cleaned up to get rid of the rust and then coated with something like Pettit's rust lok primer (which is an epoxy and attaches well to rust) and then coated with something like INterprotect 2000/2000e multiple times, which is an epoxy barrier coat. The whole hull should be sanded frosty clean for a good tooth and then antifouling of your choice applied.