A lot of Work
I just did the same thing. The pivot hole in my keel was worn beyond the size of the repalcement bushing. I brought the keel to a local machine shop that also did sandblasting. They cleaned the keel down to bare metal, machined out the pivot hole back to round, fabricated a stainless bushing, welded it in place and also weld repaired the large groove that had been worn in from the locking bolt. When I got it back, i first painted on the extend rust treatment, then a coat of apoxy barrier coat (the same as I used on the hull)apllied and sanded several coats of fairing compound, more barrier coat(4 coats) and 2 coats of bottom paint. I laso applied Catalina direct's anti klunk pads, they work great. I also put in a new pin, hangers, turning ball, hose and cable. After doing all that work, I could'nt see not using new parts, Hopefully, I won't have to do this ever again. It's a lot of work, but it's worth it. Good Luck