Cyrus,
I have hull 47 a 1978. I have replaced the rudder shaft last winter with 1 7/8" stainless steel heavy wall tubing. The wooden rudder is made in 2 pieces fore and aft of rudder shaft with bolts from leading edge, through shaft and into trailing section - You can find wood plugs in the leading edge. Dig out the plugs, unbolt the nuts and separate the two halves. The wood in my rudder was pretty much intact, I jointed each half to get clean surface and "honed" out the area which fits the shaft - I used a 1.75" rotary sanding sleeve fitted to a hand drill. This didn't give a perfect fit, but cleaned up enough wood to get a reasonable fit. I refit both halfs with a thick bedding of epoxy and micro ballons to fill the gap. Clamped and bolted until cured. Fully sanded the wood and covered whole rudder with think fiberglass cloth - two layers with overlapped joints. Sanded first layer smooth before adding the second layer of cloth. Be very careful to squeegy out most of the resin on each coat. Sand overlapped joints fair and apply another layer or two of resin with sanding in between. Goal is to get a fair surface without any glass being uncovered. Paint with bottom coat, a couple of thin coats. Rudder was perfect when hauled out for the winter. I really need a new rudder tube and that will come this spring. You can find it chandlers and should be simple matter of cutting out the old from below deck. Again, probably will need to "hone" the upper and lower opening to fit the new tube.
Good luck.
RayK