A build-up approach is not simple. I would consult a shipwright or marine designer. They would be able to give you the necessary structural design information to build the construction and tie it into the hull properly. Think of the foundation of a house that needs to survive a tornado-like storm. This structure is critical. Wrong, and it’s dangerous.
You ask, how much is too much to put into it?
This is a decision based on your desires.
- You describe the boat as a live aboard. How much do you want to put into your home to make it safe?
- Do you want to sail the boat? Sailing the boat is a high-risk idea until the mast is repaired.
- Whatever you put into the boat to repair this issue will not be returned when you sell it. Think of a house without a kitchen that is for sale.
The "I repaired my mast, you can to" YouTube videos are on small boats with lightweight masts.
Your Pearson 303 likely has a mast weighing 500 plus lbs. You will need to remove the mast from the boat.
Decision time.
Try to build up the hull to the mast base, replacing the section of the mast removed.
Or
Rebuild the aluminum mast.
Then, you'll need to cut the bad section away, build/find a replacement piece, weld the two together, and add a sleeve to cover the two pieces.
Once finished, you will have a sailboat again and have saved the value you placed in the boat when you bought it. It is a difficult but survivable path if you choose to follow it.