Stress risers ....
It's not only the loss of diameter that is the problem nor would be my chief concern. Intergranular corrosion also is 'planar' in that it penetrates the macroscopic structure like a knife and makes macro-microscopic 'cleavages' deep into the metal along the 'grain boundaries'. Lines of stress like to be equally spaced so that you actually get the performance rating from a material. Stress risers (artificailly bringing all the lines of stress close together) are formed at sharp edges, square holes, ridges, etc. and radically reduce the structural load capacity of a material. Since intergranual corrosion (crevice corrosion, etc.) penetrates deeply along the 'grain boundaries' of a metal it notoriously sets up micro-stress risers and can greatly weaken the metal and despite the "apparent remaining cross section". So anytime you notice any such intergrannular corrosion such as what you see in these keel bolt pics ... there is NO WAY to visually tell what has actually happened to the material. Once intergranular corrosion begins, the fatigue (additive micro-cracks) of the metal rapidly increases ... so now you have 3 simultaneous modes of failure occuring 'all at the same time' - grain boundary failure, fatigue failure, and ductile failure of the remaining intact metal. The only 'safe' but temporary means is to 'proof load' the item (torquing in this case) to *prove* that the working load can be carried (until ASAP replacement). Such crevice corrosion failure isnt predictable, usuallly terminates in a catastrophic 'brittle failure' .... and I wouldnt trust 'anything' where I find it. Proof loading to some torque etc. value below the design strength will allow you to get 'home' with some confidence. Before the 1980s stainless was designed with respect to its Ultimate tensile values (~90,000 psi) but with advanced dynamic testing, etc. methods nowadays stainless (300 series @~90ksi) used in 'important' or 'dynamic' situations/applications shouldnt exceed 30,000 psi .... called the 'endurance limit' of fatigue. Those keel bolts that were designed before the mid 1980s would be considered to be greatly 'underdesigned' by todays standards .... now that we better understand 'stainless steel', with respect to its fatigue propensity and its propensity for crevice/intergranular corrosion. For such keel repair - for me - using the same bolt materials, I'd at least double the 'number' of attachments of the original design. To repair such keels with the SAME size and number of fasteners would lead to the exact same result ..... its a FAILURE. The original design was inherently weak - by todays knowledge and standards.