Two problems:
I have to assume the mast is a Kenyon, and that it is not too different from the one on my Hunter 33 (C). The sheaves were cast aluminum with a pressed in center bushing made of bakelite or phenolic. The problem is the aluminum corrodes at the center and compresses the bushing around the shaft, eventually locking it onto the shaft. Penetrating oils seem to swell the bushing more, making the problem worse.The only way to get the sheave out is to pull it's shaft out, and the only way to do that is to pull the masthead up and out. At that point you have lost all support of the upper mast. Not a good situation if you are up at the top. (I don't understand why you can't get to the top.) I don't think I would be up the mast supported only by the lowers. Time to pull the mast.I have repaired mine by reaming out the plastic bushing, but I fear the compression is continuing. There is a company advertising in the back of Good Old boat: www.zephyrwerks.com (Note spelling) 360-385-2720. It appears they will make up a 4" custom sheave for about $50.00, which doesn't seem too awful. Garhauer Marine would be a good source also. I have never found a stock sheave to replace mine so custom appears to be the choice.Let us know how you do on this one.