Couple of points:
1. I agree with the comments that corrosion of the SS web and its welds are the most important concern.
2. I don't agree with the comment about splitting the rudder into two shells. First, it can be very difficult to do. Second, assembling the rudder stock and the repaired shells is extremely difficult to do well. Without a jig, proper alignment of the shells around the shaft and web would be a nightmare.
3. The method I've used is to open windows through the skin on one side of the rudder. (Use the other side to serve as a form to help restore the original shape of the repaired side.) Then remove the failed core material and replace it with blocks, either balsa or a synthetic core material, buttered with resin putty.
4. Then restore and fair the skin of the repaired side with new fiberglass laminate. Then remove the failed fiberglass of the other skin and repair and fair it to the original shape.
5. The area at the top of a typical spade rudder is often the biggest part of the problem regarding water penetration and should receive special attention. A thin fiberglass shell is often bonded to the stock with resin putty that has separated from the stock, allowing water penetration. After taking measurements, remove all of the original material. Then mold new fiberglass laminate completely around the stock with resin and CSM. Mold and fair it to the original shape.
6. One trick others have used is to create a shallow groove in the top surface of the fiberglass shell around the shaft. Then fill the groove with 3M's 5200, providing a flexible seam between the shell and shaft. This trick isn't necessary if the repair has been done as outlined in 5. above.