Re: Keel Fix help
Hmmm... I wonder where/when the 'chipping off loose bits' will stop? Once you've gotten under whatever that is I suspect you can just keep going.
Which may be as good a way to go as any.. get rid of all of whatever's there, and start over with your basic plan listed above. I don't think you want to suddenly 'patch' selected areas with cloth and epoxy, I think you'd want a uniform, homogenous coating if that's the way you want to go. The lead looks pretty fair, though, and maybe you just want to prep and paint it.
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)
1984 Fast/Nicholson 345 "FastForward"