Well, first thing is that you are refering to the CENTERBOARD, a Day Sailer does NOT have a "swing-keel", she has a CENTERBOARD.
The wooden centerboard is obviously a replacement by the sound of it, being lightweight is not in itself a "bad" thing, as long as the friction on the CB lever mechanism can still hold it down, but if the Cb weighs less than 25# or so, I'd add a bit of ballast to it near the tip to help it stay down (just don't excede 25-30# total weight for the Cb or you will have an unaceptable Cb under Day Sailer Class Rules.).
If the other Cb really weighs about 85#, I'd worry about how you will raise it using the lever. As I say, the CB should weigh more like 25-30# and be just heavy enough to not float easily. The basic structure of the Centerboard trunk (housing) wil lmost likely not be overstressed by that excessively heavy CB, but I'm not sure the lever that moves the Centerboard will be able to raise the CB.
That 85# centerboard would more or less qualify as a "swing-keel" since it would contribute a major amount of stablising force, but the DS was desgned to be a centerboard boat and I'm not sure that replacing hte normal (and class-legal) centerboard with a very heavy swing-keel is a good idea without adding strength to the centerboard trunk, adding a winch to raise/lower the heavy CB, add extra flotation to compensate for the added weight, and really ending up with a Day Sailer that is no longer a "Day Sailer Class" boat. Even if you don't plan on racing, any modifications that are not "class-legal" wil laffect the resale value of the boat. The DS I is the more popular DS version with racers, so I wouldnt do anything that would prevent an easy return to class-legal condition.
The DS is pretty stable as she was designed no need for added ballast as long as you sail her like the centerboard boat she is, the biggest thing is to ALWAYS keep the mainsheet i nhand while sailing. Let the mainsheet camcleat hold the tension, but keep the sheet in hand so that if a gust of wind hits, yo ucan instantly release hte sheet to spill the wind and bring the boat back on her feet. Sail without the jib if it is windy (just raise the Cb a bit to keep the center of resistance lined up with hte center of the sail area.) If the boat isn't set up for reefing hte mainsail, consider having a sailmaker add a reef. That allows yo uto reduce sail further than just lowering hte jib and will futher help on windy days.
All Day Sailers must conform to the Class Specs no matter which builder produced the boat.
Length: 16'9"
Beam: 6'3"
Draft: 7" CB up / 3'9" CB down
Weight: 575#
Spindrift/Rebel became the builder after O'DAY stopped building hte DS I around 1977 and continued until around 1990. O'day stil lbuilt the DS II until 1985 then switched to the DS III (not class-accepted) from 1985-89, Pearson Yachts, Small-Boat division built the DS III for a couple more years after buying hte molds when O'DAY went bankrupt. Sunfish-Laser built a new version of the DS I (DS IV) from 1992-94, then the Day Sailer Class Association moved production to Cape Cod Shipbuilding, the current builder.