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I too have a 1975 I36. I'm not familiar with ospho but I'd make sure it's compatible with the paint or epoxy that you're going to coat the bolts with. I'd probably just clean up the bolts and paint them if they aren't stainless.
The biggest problem you may have is trying to replace the bolts. I don't have my specs with me at the moment, but I think the I36's with lead keels have J bolts cast into the keels which eliminates easy replacement. While looking for my current boat, I looked at and hauled a few Islanders. One was pretty good but had questionable keel bolts. Talking to the boat yard (it's a pretty reputable one), they said that I could add bolts, which they wouldn't do or tear into it. They said depending on the level of corrosion, they had a few options. They said they could 1) recut the threads if the corrosion was minimal, 2) add extensions to the stubs if the corrosion wasn't too deep into the bolts, or 3) drop the keel and recast bolts in place. Prices started at around 6k and could go up to 15k depending on what they found. The problem was that they wouldn't know what they had until they already started, so they said be prepared for the worst. The manager of the boatyard pulled me aside and said keep looking.
As for the option of adding bolts, there is a guy in California that will do it pretty reasonably. He was the builder of the original keels for these boats. I can't attest to his work but have his information if interested.
If you clean and paint the bolts every year, it should help considerably. Also, keep the bilge dry. On most of the islanders during that time period, the ice chests drained into the bilge. Mine doesn't have a shower but I could see that if any had a shower, it many drain to the bilge as well. I would eliminate the sources of water into the bilge (especially salt water) and be prepared to sponge out any water that does collect.