no risk....but
there's no risk in sailing with the board down however you are losing so much in pointing ability, you'll be slipping sideways in a breeze, you'll heel a bit more nad in general not sailing the boat as well. Take the boat out of the water and spend the day fixing the centerboard. It's not difficult. Even in the water, go below with a mask and fins and try sliding a long knife up the centerboard trunk. You'll be suprised how much crap can accumulate in there (mud,rock, barnacles, muscles, etc.,etc.good luck