Re: Look at this bleed through...
I would definatly think about removing a keelbolt or two and seeing that lies beneath what you can see.
It might also be a good time to consider taking that area of the bottom down to the gelcoat to see what kinds of repairs have been made there in the past
Be careful of your words, for someone will agree with them. Be careful of your conduct, for someone will imitate it. -Leih Tsu