I'm really not sure about the pendant line connection on the centerboard of your particular OD 25. The late 1980s 25 and 26s had a long thin stainless steel shackle with a small rigging pin and cotter pin attached to an eye splice in the braid pendant line. The trailing edge of the CB has a 1/4" hole where the pin shackle connects to the board. The earlier OD 25s had a pendant line which was made up of a combination of a rope and short wire. The wire entered a small hole through the trailing edge of the board, and terminated in a larger hole on the side of the board. Some boards also had a notch cut out where the cable entered the board. What I would do is attach a line to your pendant line and run to a stern cleat so that you can let the board down while the boat is off the ground in a sling. Then you can check it out and know for sure. The pivot pins on these boards are made of 1" solid fiber. It takes a lot to wear them. The pin on my 86 OD 222 had no wear at all. Can they wear? I suppose so if you're accustomed to leaving the board down when you're boat is at a mooring, slip, or at anchor, but no one in their right mind would do that. Then on the other hand, (four thumbs and a finger)

I've been known to forget to pull my board up, but still, the pins don't wear that easy. The centerboards don't drop out of the slot that easy, too. The Polysulfide caulking alone that hold the wedges for the pin, could hold that CB from falling out. If the PO had the board out and used the wrong caulking for the wedges, it's possible that the board could come out, but then, you have the plates in place which should prevent the pin from coming out of the keel slot. A whole bunch of "what ifs" isn't really worth worrying about, i don't think. Just check the pendant line and maybe grab the board and check the play in it, but I don't know what that will tell you. Check my Photo album under Trinkka for centerboard pics. Good luck with that 25. They're a great boat.
Joe