It's quite common to have "some" minimal separation of the keel from the keel stub due to the lateral forces on the keel when the boat is sailing. The acceptable amount is in the eye of the beholder, but it would appear that all you need do is fill the 1/16-inch crack, fair it , bottom paint it. Some people prefer rigid fillers, like MarineTex, while others prefer flexible caulk like 3M5200. Either way, you will probably need to add this to your annual list of spring maintenance chores. But it's also a good idea to make sure that no sea water is getting into your keel bolts. If it is that's a whole other ball game. If you are in salt water, dip your finger into the bilge now and then and taste the water. Salty? I hope not....