First, if you have one leaking stanchion, chances are you''ll have more.
You may have just opened up a can of worms.
Next, is it balsa or plywood core?
Is the wet wood white or black?
How far did you drill from the stanchion?
And what age and manufacture is this vessel?
Do you really want to get into a proper repair
Drilling holes from the underside is an option as long as the wood has no advanced rot. I found putting wicks in the holes speeds up the process. A fan OR dehumidifier works good depending on the climite. It helps a lot to be at 80 degrees. Heat lamps work for the heat but need to be monitored 100%. Heaters are better and controlable. But a fan is necessary even with a dehumidifer.
Will check back later....................._/)