I spoke with the manufacturer, Marskeels, to do the same repair on mine. It is a solid lead keel and when poured any accumulated dirt would float up to the top of the wing. First step is to grind out the dirt and it is surprising that it really is just that - dirt. I'm sure there is more under there somewhere, I stopped when it seemed like I had a good solid surface to work with.
Remember that this is lead so wear a good mask and goggles!
Fill and fair it with a two part epoxy, then grind/sand it to the contour. Mine took a couple batches of good old gray JB Weld.
Marskeels said to cover the area with a barrier coat like Interlux 2000. I used JB Weld clear and let it dry for over a week before laying several coats of anti-foul paint on.
I had a diver clean the bottom going into Fall and asked him specifically to check on this area. He said he would not have known it was repaired if I'd not told him.