The 272 had a LEAD keel bolted on to a fiberglass "stub". The red flakes are either a previous coating of red antifouling paint or more likely the filler compound used to fair a divot in the keel casting.
A neighbor of ours has a 1986 272 and LOVES it, he has made several mods over the years including fiberglassing over the seam between the lead and fiberglass portions of the keel. O'DAY used some kind of filler to smooth the original lead castings and it is not uncommon for owners of the wing-keel O'DAYs (240, 272, 280, 302 and 322) to need to remove that original filler by now and refill the divots with an underwater filler (Epoxy?).
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
1970 CAL 21 (sold 2008)
1979 O'DAY DS II
1969 O'DAY Widgeon