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Ok, an update!
After inspecting the nuts on the bow eye, I decided that it would be in my best interest to just cut the bolt off. Unfortunately, I have no dremel, hacksaw or sawsall... Fortunately there was a mexican construction crew repairing the neighbors condo! After they cut the bolt for me (approx. 2 mins with power cutter), I removed all the rotten wood and surrounding material with a screwdriver, hammer, and pliers.
Next, I got a scrap piece of pressure treated 2x4 from the local woodshop... Shaping the block is no easy task with no tools! I found an old saw at a garage sale for a dollar and spent an hour or so trimming away at the wood. Finally got it cut down and it doesn't look half bad! Once satisfied with the shape, I used some Marine-Tex to cement-in the new block.
This afternoon, once the Marine-Tex is fully cured, I should be able to redrill the holes and seal in the new bow-eye with some 3M-5200...
I will keep you posted!