Rusty bolts may not be too bad
Our 1986 First 405 had what I considered to be badly rusted keel bolts. The 405 has a steel keel with the bolts inserted from inside the hull and the hull to keel joint was separating by about a 1/4 inch at the front (a typical problem for this type of design). The yard investigated by pulling out 4 of them and replacing them with high tensile strength steel bolts (the originals were high tensile steel bolts). None of the pulled bolts had any rust whatsoever on the shank or threads of the bolts due to the heavy caulking in the hull to keel joint. So although the bolt heads did not look pretty, the bolts were not in fact too bad. Cost $600. None of the experts I talked to were very concerned about this problem because it rarely leads to an actual failure. Note "rarely", not never. The keel on my boat weighs 8000 pounds and under dynamic loads it could require several times this force to keep it in place. The typical keel is held on with 8 - 10 bolts and each one, if the bolts are sized correctly should be able to take a loading of many times the maximum loading on the entire keel. So there should be quite a safety margin built into the design. It depends though on how much of the head is remaining. You should wire brush all of the rust off and inspect them closely. I would estimate that if more than 25% of the material of the head is rusted away it may be wise to replace it and the large washer under it. To prevent further rusting from the inevitable water that will enter the bilge, you should coat the heads with some form of sealant. Rust priming paint doesn't last. I have used raw lanolin (available in drug stores) recently but it remains sticky and picks up the dirt and in hot weather it tends to run. The next thing I am going to try is to paint them with clear epoxy. On the hull to keel joint we cleaned out the gap as deeply as possible and sanded the rust away in the gap. This is important because if you don't get rid of the rust no sealant will work. We then filled the gap with 5200 sealant and it did not open up the next sailing season. Hope this gives you something to go on.