I removed mine from my '87 and had it examined by a welder and a rigger and it was found to be in fine shape. I replaced the three backing plates
with a single
plate as the original plates looked to be a milder steel
and had started to corrode.
I'm sure its wise to change it out completely and we may do so when we get a new cranse iron made.
I also use one of the inside bolts to attach my anchor
chain to using a 1/2" nylon rope
of such length that it just emerges from the chain locker if the chain were to be completely run out, so I can cut it from the deck
in case of emergency