A centerboard has no ballast and its sole function is to help the boat steer into the intended course by minimizing lateral drift. It should be perfectly safe to operate the boat with the centerboard all the way retracted or partially retracted.
Gunk holing which many to include me have done. One thing to mention though with the board partially up, you will slip sideways more but in light to moderate winds is ok but concerned with heavy wind when the boat is heeling and slipping a lot.
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