Funny - I have a brother Randy who used to own a PY 26 - small world.
Depending on the length of the keel bolts you may get away with what I did on my Niagara 26 (OK not my boat anymore but still...)
I also had seepage into the bilge around the keel bolts and decided to rebed the keel. I backed off all nuts about 2-3 inches as I had that much extra bolt in the bilge. Then I lifted the hull up just about the same abount. This kept the keel in line but seperated from boat enough to clean the joint. Then I used a lot of 3M 5200 and lowered the boat and then tourqued the nuts. Never leaked since.
Some might argue that 5200 will be overkill as you cannot remove the keel in future. However in my case I wanted the keel to stay in place.