Greg...hard to tell from the pix, but do you see any RUST at the hull/keel joint or on any of those bulges?
If you do...the only place it could be coming from is the embedded keel bolts which could have rusted out with water intrusion over the years. The bolt you can see in the bilge may look great on top and be nothing but rust below. Since steel expands as it rusts...that could explain the bulges. Solution would involve dropping the keel and a lot of work.
If no rust is seen, I'd just fair the keel/hull joint, and keel surface....slap on a few coats of
epoxy barrier coat, then some bottom
paint and go sailing.