Dropping the mast is probably the best idea, but this seems to be a very lightly loaded deck design. Since my initial posting, I have found that this compression post supporting the deck mounted mast is mostly glued in a formed pocket in cabin bulkhead at bottom with one small screw and lots of adhesive/sealant. What fastener that may have been used into top of board is yet to be discovered. This compression post only bears on the interior cabin bulkhead and the bulkhead does not bear directly on the keel in the center line of vessel. This cabin partition only bears on the hull at sides and farther back at entrance to companion way and onto the transom.
When the weather is better I may temporarily support the deck with two posts and then cut and replace the post with a piece of zebrawood which is harder than teak or white oak. It will be interesting to see how if there is a screw into top of post from the upper deck. All mast bracket bolts are visually accounted for at this time so it will be interesting to see if Hake Yachts only used an adhesive as this is the original post per the previous owner I spoke with. The bolts for the mast support bracket are most likely the source for the water damage to the post and I will take measures to prevent water entry from the mast bracket screws.
I had concerns this was a cored FRP construction and may have suffered some rot in the core, but it appears it is solid fiberglass and and ranges in thickness from 1/4' to 3/8+" at the radius corners. All glass is in very good condition without cracks.