FIRST.. take a sheet of cardboard and lay the rudder on it and trace what the tip profile is/ was... Take a drill and going in from the bottom, drill through the damage and drill out the wet stuff, leaving the skin intact as much as possible, creating a void where the wet core used to be. (the void may be a few inches deep) Let that dry by keeping it warm and in a place of low humidity..You can help it along with a hair dryer applied to the hole and the outer skin in the area. Might take a couple of weeks.. From here, ya need to make a few insert pieces of foam and glue them in the dry hole with epoxy, filling the cavity around the foam. When they are dry, shape the exposed foam to the template and cover with some heavy glass mat and epoxy, then a layer of fine glass mat and epoxy.. overlap about 2-3 inches onto the sanded skin all around.. sand smooth and paint.. The Gougeon Brothers books on fiberglass repair available at West Marine and other places will have some suggestions on doing this too.
WTA covered it pretty well ..