It doesn''t sound like an area of the boat to skimp on. Im not sure the severity of the problem, but i''d have a professional take a look at it and do the appropiate repairs.
Last year i was sailing from Nevis to Monseratte in the leeward islands with 15 knots of wind and 3-5 ft seas when i lost stearing. I was still 10 miles out while diagnosing the problem. The rudder post sheared from the rudder itself. luckily the rudder was held in place, but i had no stearing, not even with the emergency tiller obviously. I had to go over the side a jury
rig a system which got kinda ugly once i was beneath the boat in 3-5 ft seas. I got lucky and rigged a lind around the rudder and eventually back up to to
jib wenches. it didn''t work great, but we were able to keep the rudder straight and we eventually got in with minimal steering. I felt pretty helpless with out steering.
i''d say spend the money and fix it right. After hull integrity, it''s the most important system on a boat.
--greg
s/v temptation