Update on keel. Went up to boat today with my trusty wood chisel and hammer. I want to see what’s under the surface of the lead part of the keel. On haul out (our first because we just bought the boat which looked and sounded very good sitting in heated storage last winter) we had big bubbles under the surface of the keel. They went down some but didn’t go away. Long story short I peeled a lot of it off. I found lot of fairing compound and also this red powder. It just falls out like red dust. It’s about the color of rust. I’m in the discovery stage of something here. I’m glad I have all winter to figure it out. A lot of it was damp from being wet. I’ll keep updating this information as I find out. Anyone have experience with something like this feel free to share.