OK. So dry bilge and sound bolts = no leaks
At this stage I would dig out, at one place only, as much of the old stuff as you reasonably can and inspect how wide and deep the gap between the stub and the ballast is.
Because I have just finished repairing a keel where the ballast and the stub were not matched flat all the way to the edge but rather there was a groove - half of it on the stub the other on the ballast. The caulking was nearly all on the outer edge only. Now you can imagine this keel had next to nil 'free play' with bolts tight. No movement = can be laminated over ... no cracks. But with the groove so deep, we simply cleaned just the groove, tightened the bolts and applied new caulking into the groove. Job done. No leaks
nor anything to pop off.
If your ballast is sitting with more than only filler amount of caulking then there may be some movement as the boat sails
. This would render any epoxy/glass fillet last only till your first blustery day on the water
With good new sealant
, laminating over should not be necessary. But from my experience about the only way to apply new sealant
well is to lift
the boat, clean the ballast and the stub, apply new sealant ... - not worth the effort if there is no leak and the bolts look clean.
PS My boatyard staff used some magic goo for the new seal - not what we typically get off the shelf in our corner chandlery