I have a 1970 P-26, hull #196. I purchased it in August 2008 and have really enjoyed it. Next Spring it will have a new Main and Gennie (Doyle Sailmakers) and I am going to refair the keel and fix the rot in the cockpit sole
I knew something was up, but was not happy to see the extent of the rot. Take a hammer and tap around the rudder post. Also look below in the area under the cockpit lockers. Check on the two glassed in pieces that run parallel to the keel. They might need reglassing IF they are still there. Dan Pfeiffer's website is great.