Duke, I do not own a Pearson but I just did a similar repair on my S2 9.1. The starboard main bulkhead was rotted and had to be replaced and the deck around the plates was wet. The web site referred to here is excellent and I would suggest doing a through repair similar to what is shown there.
If you do all of the prep work, such as grinding and cutting yourself and then have a pro do the glass work it may not cost that much. Grinding glass is not a lot of fun, get your self a full face respirator.
As for the deck you should be able to cut the bottom laminate out and remove the wet and rotted balsa and replace from below. Actualy simpler than it sounds. The first time it really blows you want to know this repair is rock solid.